Good evening my fellow Cryptocurrency trader, how are you feeling in this wonderful day?
We are back to work and today I am looking at ChainLink for you, on the weekly timeframe.
We want to know what is happening short-term and where the market is headed in the long haul. We want a clear analysis and we want positive results and hope.
Technical analysis
LINKUSDT Weekly. Notice the purple line on the chart, this is now support. Just last week LINK closed below this line. This week started lower and now LINKUSDT is trading far above this level. This was a price of $17 but ChainLink is trading at $22.22.
Where I am going with this is about bullish and bearish potential short-term. The drop is no more. LINKUSDT closed one week red but turned green the next week. This green is the confirmation of a failed breakdown. A bear-trap. The fact that LINK is now much higher signals the continuation to the next major resistance level and this is first $32.
This is a technical double-top with December 2024 and we know ChainLink has been moving in a channel (brown) that is composed of higher highs and higher lows, thus we expect a higher high next and that’s when we get ChainLink trading at $47 and this will not be the end. This will only be one leg, one major advance, there will be more. The Cryptocurrency market is set to grow long-term.
Namaste.
