Cryptocurrencies

Technical analysis LINK / BTC

LINK seen from the 1W timeline we can see how the major figure is forming a bullish pennant, the current series of bullish candles has already surpassed a key point of the previous correction, this is a strong indicator of continuation bullish, the price should go looking for the diagonal resistance of the figure before the break, the wave (5) of the current bullish movement could be completed in our target located within the price range of 0.00057024 – 0.00061231 indicated within the chart by the two black horizontals, this would complete our wave (1) of the larger momentum, waiting for a next corrective move below the MONTHLY (C) point located at 0.00031297, indicated by the yellow horizontal.

LINK seen from the 1D timeline we can look more closely at the current candlestick movement where we see the price is finding resistance at 0.00031297 which is a monthly key point, however, we should not have many complications in breaking through this barrier and go for the diagonal resistance of the figure, the movement is (1 -5), therefore, we must have patience for each point to be completed, once the price escapes above the major figure, we will have a quick momentum from which I have taken the calculation based on Fibonacci of the possible profit target within the range of 0.00057024 – 0.00061231, I have plotted the possible trajectory that the price could follow as it advances, however, it is only a classic movement projection and should not be taken as perfect.

In conclusion, LINK has been in a bullish market since 2017, it’s incredible how well this currency has done compared to the rest of the altcoins that remained within a long correction, this speaks very well of this project, currently the price action suggests a continuation of the bullish trend towards our profit target indicated within the chart, then we should have a correction towards the higher trend diagonal also indicated by a black diagonal, if we keep that support in diagonal, LINK should have its next big upward run, therefore I recommend to follow very closely the price action in 1W and 1D and always remember to place your stop losses to avoid possible invalidations during the move.

You can follow me on Twitter: https://twitter.com/armijogarcia

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