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ChainLink / Ethereum

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LINKETH trade ideas

LINK/ETH pair at a critical juncture! The point at which LINK vs ETH has come to is critical. Here on the hourly chart we see that the pair has certainly recovered from a prolonged and steep downward trend in which ETH was stacking value against LINK, and has been trending within a wedge pattern that many on trading view have suggested to be the bottom with a strong upward swing imminent. I remain in this camp myself, but sometimes looking at the chart can help give us some more certainty with regards to the immediate term and whether or not there remains any threat to our hopes. As you can see, the pair has been interacting with a rather soft but easily defined downward sloping channel denoted by the black dashed lines illustrating the upper and lower borders of the trend. Today, meaning like right now, marks the time in which the bottom of the downward trending channel has intersected the most recent up-trending support line that was established by the breaking of the preceding massive down swing from the ATH. This uptrending support line is denoted as a solid RED line. What's most indicative of the importance of this point in time is that the actual price point between LINK/ETH met the two opposing trends at the exact moment they intersect, which I believe confirms the validity of these trend lines and channels. Further support of a bullish stance on LINK vs ETH is provided by the RSI, which is illustrated at the bottom of the chart, and the trend of the RSI in the recent term is also indicated by an upward sloping red line. Given that the trend is up and the pair are in the bottom half of the RSI, I would think that we will develop some more strength in our upward momentum as we consolidate along the base of our up-trending (strong) support. Should the price go South from here, I would suspect we stay within the down-trending channel for some undetermined amount of time that may become more clear as the chart develops in the future. ___ I have no additional input at the moment. It will be interesting to see how this pair plays out and if it stays within the borders, or if LINK finally makes it's move against ETH and rockets upward. I must also add that should the price push higher against the top of the downsloping channel, and close above it, this would be a VERY bullish development based on prior interactions between this line and past price movements. If one follows the top border of the downtrending channel back a few months, you will see that if LINK crosses it on the upside, it tends to rocket upward extremely quickly. There is no reason to believe that should it eclipse this trend line in the near term, history won't repeat itself. Happy trading. Ideas and input/insight are always welcome. ___ ***Be aware that I am in no way qualified to offer financial advice or trading recommendations. I do this for fun and with the eye (and rationale) of a psychedelic drug-fueled mind. So if my writing and charting inspires you in any way, it's on you what you do with that inspiration.
Long
by phreum