2020-2-9 22:16 |
On February 5, the Chainlink (LINK) price broke out from an inverse head and shoulders (H&S) pattern and has been increasing since.
LINK Price Highlights There is support at 31,500 satoshis. There is resistance at 36,000 satoshis. The LINK price broke out from an inverse head and shoulders pattern. The price could reach 53,000 satoshis.Trader @TraderLenny tweeted a LINK price chart that shows a breakout from a descending wedge. In addition, he stated that would like to re-enter the trade at the 28,000 satoshi area but he doubts that the price will drop that far due to the overall bullishness of the market.
$LINK | $BTC Update
I'd love to get another opportunity at buying #ChainLink in the green rectangle S/R area.
With how bullish most alt coins are looking, I highly doubt we'll drop that low though. pic.twitter.com/Q1tr9QnGLA
— Lenny (@TraderLenny) February 4, 2020
Will the LINK price get there? If it continues moving upwards, where is the next target? Continue reading below if you are interested in finding out.
Retest & BreakoutSince the tweet, the LINK price has broken out from the 31,500 satoshi resistance area. As was warned in the tweet, the price did not decrease all the way to the support area. Rather, it re-tested the 25-day moving average (MA) and broke out shortly after.
The next resistance area is found at 36,000 satoshis, while the breakout level at 31,500 satoshis is expected to act as support in the future.
The breakout occurred with a bullish engulfing candlestick and the price has yet to show any weakness — indicating that it wants to continue moving upwards.
Inverse H&S BreakoutThe February 5 breakout occurred after the LINK price created an inverse head and shoulders pattern. The volume on the breakout was decent, the highest since January 7. We successfully predicted this breakout in our previous analysis,
While the next resistance area is found at 36,000, a breakout that would travel the entire height of the pattern would take the price to 39,500 satoshis, which is exactly the all-time high of 39,500 satoshis reached on July 2, 2019.
In the long-term, we can see that the price has been following a parabolic ascending support line since December 2017. It looks primed to make another breakout, since the price movement since June 2019 resembles an ascending triangle.
Using a Fib retracement tool on the current decrease gives us a target of 53,000 satoshis — which, estimating by the slop of the parabolic ascending support line, should be reached by June at the latest,
To conclude, the LINK price has broken out from an inverse head and shoulders pattern. The closest resistance area is found at 36,000 satoshis while the upper limit target of the breakout is at the all-time high of 39,500 satoshis. In the long-term, the price could reach 53,000 satoshis.
The post Link Breaks out Towards Its All-Time High Price appeared first on BeInCrypto.
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