Link Looking for a Breakout!!
Chainlink has been starting to push up once again off of our lows at almost 21$(USD) we are seeing a strong push upwards within a bullish triangle and we are seeing a strong hold on our bottom support of this triangle. Slightly above the top side of the bullish triangle we have been getting rejected off of the pivot point, we have had a total of 10 wicks and touches on this level and hopefully we can see some volume soon and see a final push above here. Regaining the pivot point is absolutely key for LINK like in the name it is a reversal point where we would likely see a nice rally off of, I think this outcome is pretty likely and due to the fact that we are currently in a bullish triangle which historically plays out to the upside so if we do see a break to the upside it could be an explosive one! Now keep in mind with BTC dominance still rising Bitcoin could ruin the party once again for the altcoins so that is always something to keep a close eye on! Looking at the bollinger bands we are sitting directly ontop of the midline which is currently support, and we definitely want to see a hold above here for daily close tonight and keep this level as support, the last thing we need is heavy resistance just above the bottom of the triangle. Checking out the RSI we are currently right on the midline and we are looking for a bounce here, we want to stay above this level not just because it keeps support but being above the midline confirms we are in or staying in an uptrend. If by chance we do break below here we have uptrend support coming from previous bottoms and there is a high chance we would see a nice bounce off of here, likely sending us back above the midline to hold onto this uptrend! Like i said before we always have to be mindful of BTC and what Bitcoin is doing because as you guys know if BTC takes a little fall the rest of the market for a majority follows, same thing if we see BTC dominance push higher we could also see the altcoins bleed a bit, but if we see BTC.D fall we can expect altcoins to start to breakout! Not financial advice just my opinion!!
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