Chainlink Breakout!!
Chainlink has been performing great compared to a lot of coins recently and we have broken out of this bullish triangle with ease, We had a false breakout to the downside which would have crushed a lot of traders. On top of us breaking through this level we also brokethrough a key level that is.. the 0.2FIB level, what im looking for tonight is a second daily close above here to really confirm the bullishness. as far as resistance levels we must breakthrough in the coming days are, the R1 pivot resistance level and also pretty heavy resistance at 26.5$ (USD). Looking at our bollinger bands we are looking very nice and bullish, we have turned the midline into a nice support cushion and our current price action is sitting right ontop of that top bollinger band, if we can get a daily close tonight ontop of this level we could be triggering a bigger scale run upwards, historically when price action closes ontop of the top BB the following price action is explosive and can rise up very fast. Now keep in mind that this all pends on BTC, if bitcoin decides to dump then this TA could be invalidated. The MACD seems to be going on a second bullish stride here, our histogram dipped down and was targeting that midline but our blue MA bounced and we are beginning a second bullish phase. Now this is a prime example of why i stress so much that separation is very important with the MACD, having big separation between the MA's makes it more difficult for a bearish cross, this also allows for some downside and cooloff without triggering a bear cross. What we want to see going into tonights daily close is another rise in our current green bar on the histogram, we wanna see an increase as this shows us a rise in bullish momentum and aswell keeps our structure going for another healthy bullish cycle. Now we are already seeing healthy movement coming from the MA's and we want to see this continue just as we are seeing it now, big separation, and an upwards pointing blue MA! Not financial advice just my opinion!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.