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LINK Pennant

Diupdate

It would make sense to be forming a large pennant pattern after the run Chainlink has had in 2019. I expect it to go for a re-test of the upper trendline if we see some bullish price action from Bitcoin. The 2 red resistance lines are the major resistances I'm watching on this move up. I would expect some bigger consolidation after touching one of them. There is large downside risk as we could stay within the pennant fairly easily even with a 10+% move down. Keep that in mind and remember to set a stop if you are making an entry.

Catatan

Be mindful of this potential H&S. A pennant might not be the pattern LINK is trying to form. I'd be concerned this is playing out if we confirm a daily candle below $1.75.

Catatan

How today goes will be pretty important. LINK did confirm a daily below $1.75, but BTC is starting to get some upward movement. If BTC continues up I don't think we'll see that H&S fulfilled. I'd also feel safer if LINK got back above $1.85.

Catatan

Finally getting some movement. If BTC keeps moving up we're going to the top of the pennant.

Catatan

Great move so far. Watching this resistance. RSI also getting into overbought territory on bigger time frames. Would make for a good spot to consolidate.

Catatan

some consolidation could be imminent if we don't break that 5min high.

Catatan

Flirting with on of the 2 major resistances. I'd like to see us re-test $1.95-1.98 and then continue up. If the next hour can't break the high of this hour we'll almost certainly consolidate.

Catatan

Surprised we haven't seen more major consolidation yet. Don't underestimate the power of a strong trend change with BTC I suppose! $2.30 is the next major resistance IMO.

Catatan

Finally got our bull break. Didn't see the correction back down to $2.00 which I personally expected, but other than that everything else is on track. I think our next major resistance will be at the pennants trend line in the $2.60-$2.70 area.

After being in that $2.60 price range I'm personally going to be waiting for a bull break of that line and confirmation on at least the 4hr and potentially 1d candlestick. I would also look at any major resistances on the other side of that line first as well. I wouldn't trust a further move unless we're over those obstacles.

Catatan

Target hit! I Hope my analysis was helpful in some way.

From here I would expect some kind of retracement, but with how the market is launching alts I wouldn't be surprised if we did get a breakout from below this line. If so there could be quite a large move but it would be equally as risky.

I'll post a new analysis if I see anything new happening.

Dtradess

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