LINKBTC - Is This The Bottom? The Wedge Must Decide!This is not financial advice - I am a noob and I am just learning TA.
LINKBTC in a wedge on the Daily chart - it has to break out of this long term downtrend line and start a move towards the 50MA.
Indicators are showing signs of strength forming:
Volume increasing,
OBV trending up + 9MA flattening out,
MACD crossed and pushing up.
RSI especially trending up.
On the daily - looks like we’re seeing a double bottom forming - bouncing right off a long term support at around 36000 sats.
If the 36000 level holds - we are looking to see LINK breakout over this long term downtrend line and close the gap towards the 50 MA before we are really looking at anything bullish.
If the 36000 level fails - we are looking at 33000-34000 as the next support but could go lower if BTC continues to boom. Eventually - LINK will gain against BTC and we will get paid off, barring anything unusual.
We may a lso see a head and shoulders pattern develop here with a neckline at 47000 - with a dip to 33000 and back up.
If BTC goes sideways for the next few days/weeks - we may have a good trading opportunity here.
I'm also hodling so - I'm in it for the long term ride :)
Lets see how it plays out.
