Hey friends hope you are doing well and welcome to the new update on chainlink. Before the start I would like to give you a recap about my previous ideas of the Chainlink token.
Chainlink with Bitcoin coin pair idea:
First I posted the below idea where the price action of chainlink in the Bitcoin market was moving in a falling wedge pattern. I predicted that after this bounce from the support the price action can breakout the resistance of the wedge and finally the price action broke out the resistance of the wedge as per prediction and produced more than 270% bullish rally so far.
Before execution:
After execution:
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Chainlink with US Dollar pair idea:
Then on March 2020, I posted another Idea on the Chainlink with USD pair. The price action of Link was moving in a parallel channel and found resistance at 4.58 dollars. I predicted that the price action can move down from here and after hitting the support at $1.54 the price action can make another attempt for the breakout. And finally, the price action followed the prediction and moved down to the support and bounced from there and produced more than 450 % bullish rally so far.
Before execution:
After execution:
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Listings on different exchanges:
Before starting the analysis I would like to give you some good news about chainlink that on 16th of July the Chainlink has been listed with US dollar tether pair on the hitbtc exchange and also listed on the BINANCE exchange as leverage token and on the Upbit exchange, it is listed in Bitcoin market as well.
https://twitter.com/HBTCNews/status/1283752779492634624
https://www.binance.com/en/support/articles/73a5d3352ae944fe8e899d2602bee27c
https://sg.upbit.com/service_center/notice?id=2425
Now if we switch to the weekly chart with the US dollar pair then previously I was thinking that it is moving in a parallel channel but it was more likely to be a wedge. But after breaking out the price action of Chainlink so far did not re-tested the previous resistance of the wedge as support. And the priceline has moved at very big distance from the resistance of the wedge. Therefore if priceline of chainlink will start a correction rally on the long-term weekly chart then it can move up to the resistance to use it as a support.
The SMAs on daily chart can save the price action from a drastic drop:
If we switch on the daily chart then the price action has also broken out the 25,50, 100, and 200 simple moving averages. Now all these simple moving averages are moving towards the priceline. Therefore we can expect that before reaching at the resistance of the previous wedge pattern on the weekly chart. The price action may re-test these simple moving averages and will be bounced using them as a support.
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Conclusion:
There are lots of good news behind it Chainlink therefore if the correction rally will be started then it will be not long-lasting. However, if the price action will be moved up from this level or after correction rally then there is a strong psychological resistance at $10 that can be a big hurdle to be crossed up.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
