LINK didn’t breakout of the bull-flag structure as I thought it could but this doesn’t invalidate LINK’s upward move in this current market. Let me repeat… LINK is still eyeing all time highs in the current market structure which is clearly and which I describe below. I still have a target price of $48 by Jan 2021. In the short-run (next 1-2 weeks) … LINK is clearly setting up for a run to $16-17… or higher.
Second – LINK’s market structure is setting up for a massively up-thrust in the next 1-2 weeks. Price has not dropped like a rock like it normally would in a market. Instead, it has consolidated and is forming enough momentum before moving much higher – perhaps upwards of $16-$17.
Third – LINK is clearly in a new upward channel that starts on the low of Sept. 21 (which I have clearly drawn).
Fifth – Looking at my , the basis shows a clear move forward in the “green zone” which is the most likely trend. However, this doesn’t mean that price can’t overshoot, into the blue zone which is what the price did on Oct. 29th and Oct. 11th. These are your extension rallies. LINK, ETH, and BTC are the clear market leaders in crypto atm and are creating a lot of sentiment that trickles down to the rest of the crypto markets.
If you HAVE NOT bought LINK yet, this small pullback is your perfect opportunity before the next leg higher. Good luck and position yourself accordingly.