"LINK Coin Analysis: Potential Weekly Support Break"
🕵️♂️ Let's analyze this popular cryptocurrency coin, update our previous analysis, and check for new triggers.
🎉 Channel Milestone 700 Followers:
Thank you all for helping this channel reach 700 followers! Our next goal is 1,000 followers. Let's keep growing together!
📊 Previous Analysis Recap:
In our previous analysis, we were mainly looking for a long trigger due to the bullish market. After hitting the 13.082 support again, we had an upward move of about 50%, but after failing to reach the previous high, sellers entered the market, and we moved back towards this critical support.
⏰ Weekly Time Frame:
After breaking the weekly box and moving above its top at 8.193, we had a decent upward move. However, in recent weeks, after hitting the 21.880 resistance and forming a lower high compared to 21.880, we have reached the 12.634 support again. After breaking it, we could move down to 8.193.
📦 Importance of Weekly Boxes:
Weekly boxes are crucial in cryptocurrency. Holding a basket and timing buys doesn’t make sense to me. We should approach it like futures trading. Holding a basket doesn’t mean randomly buying several coins at once; we need an entry trigger, like breaking the top of a box. Although the market has been bearish in recent weeks, LINK is still 50% away from my entry point.
🌟 Weekly Candle Closure Strategy:
If you’re holding from lower points in this time frame, it’s better to liquidate this coin after a weekly candle closes below the 12.634 support and wait for a new trigger. This could indicate a more bearish trend. For buying, wait for a strong green candle with buyer power on this support or a break above 21.880.
🔍 Daily Time Frame:
After bouncing from the critical 12.977 support, we moved upward, but after hitting 18.815 and failing to move higher, we formed a lower high and started to drop again.
In this downward movement, the most notable point is the decrease in volume and seller power, as indicated by the candle sizes and their shadows, showing indecision in the market.
🕯️ Daily Support and Fibonacci:
The upcoming daily support is critical due to the number of touches and the 0.382 Fibonacci level. We can't break this support with the current volume and force unless we touch it, correct, and then continue the downward trend with increased volume. After the 12.977 support, the next support is at 11.074.
💡 Four-hour Time Frame:
Like most of the market and altcoins, we are in a downtrend, primarily due to Bitcoin's drop and the increase in btc.d, leading to more significant drops in altcoins.
📉 Short Position Strategy:
For a risky short position, we can open a short after breaking 13.451 or the RSI 34.25 line. However, this is risky and merely a trigger, not support or resistance. If you open a short after breaking 13.451, the stop-loss risk is high. If you wait for 12.920, the likelihood of whale activity is high. The choice is yours.
📈 Long Position Strategy:
For a long position, as long as we are below the downtrend line, we won’t take any action. We will look for a trigger after breaking above 14.510 and stabilizing, or find coins that are bullish against Bitcoin.
📅 New Analysis Section:
I've added a new section to our analyses, focusing on project events for cryptocurrencies and summarizing them for bull runs. For Forex, we review news and its impacts, which I believe is a valuable addition.
🌐 Decentralized Oracles:
Chainlink uses a network of decentralized oracles that provide accurate and reliable data to smart contracts. This decentralized structure helps reduce the risks associated with relying on a single data source.
🏧 Support for Various Data Types:
Chainlink can provide various types of data from different sources to smart contracts, including financial, weather, sports data, and more.
🤝 Integration with Multiple Blockchains:
Chainlink has the capability to integrate with multiple blockchains, offering flexibility for developers to use oracles on any blockchain of their choice.
🔗 Increased Use in DeFi:
Chainlink has become a crucial component of many DeFi projects, as these projects require accurate and timely data for proper functioning.
🔑 Key Support and Resistance Levels:
Supports Levels: 12.977, 11.074, 9.444
Resistances Levels: 15.832, 18.815, 21.763
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🎉 Channel Milestone 700 Followers:
Thank you all for helping this channel reach 700 followers! Our next goal is 1,000 followers. Let's keep growing together!
📊 Previous Analysis Recap:
In our previous analysis, we were mainly looking for a long trigger due to the bullish market. After hitting the 13.082 support again, we had an upward move of about 50%, but after failing to reach the previous high, sellers entered the market, and we moved back towards this critical support.
⏰ Weekly Time Frame:
After breaking the weekly box and moving above its top at 8.193, we had a decent upward move. However, in recent weeks, after hitting the 21.880 resistance and forming a lower high compared to 21.880, we have reached the 12.634 support again. After breaking it, we could move down to 8.193.
📦 Importance of Weekly Boxes:
Weekly boxes are crucial in cryptocurrency. Holding a basket and timing buys doesn’t make sense to me. We should approach it like futures trading. Holding a basket doesn’t mean randomly buying several coins at once; we need an entry trigger, like breaking the top of a box. Although the market has been bearish in recent weeks, LINK is still 50% away from my entry point.
🌟 Weekly Candle Closure Strategy:
If you’re holding from lower points in this time frame, it’s better to liquidate this coin after a weekly candle closes below the 12.634 support and wait for a new trigger. This could indicate a more bearish trend. For buying, wait for a strong green candle with buyer power on this support or a break above 21.880.
🔍 Daily Time Frame:
After bouncing from the critical 12.977 support, we moved upward, but after hitting 18.815 and failing to move higher, we formed a lower high and started to drop again.
In this downward movement, the most notable point is the decrease in volume and seller power, as indicated by the candle sizes and their shadows, showing indecision in the market.
🕯️ Daily Support and Fibonacci:
The upcoming daily support is critical due to the number of touches and the 0.382 Fibonacci level. We can't break this support with the current volume and force unless we touch it, correct, and then continue the downward trend with increased volume. After the 12.977 support, the next support is at 11.074.
💡 Four-hour Time Frame:
Like most of the market and altcoins, we are in a downtrend, primarily due to Bitcoin's drop and the increase in btc.d, leading to more significant drops in altcoins.
📉 Short Position Strategy:
For a risky short position, we can open a short after breaking 13.451 or the RSI 34.25 line. However, this is risky and merely a trigger, not support or resistance. If you open a short after breaking 13.451, the stop-loss risk is high. If you wait for 12.920, the likelihood of whale activity is high. The choice is yours.
📈 Long Position Strategy:
For a long position, as long as we are below the downtrend line, we won’t take any action. We will look for a trigger after breaking above 14.510 and stabilizing, or find coins that are bullish against Bitcoin.
📅 New Analysis Section:
I've added a new section to our analyses, focusing on project events for cryptocurrencies and summarizing them for bull runs. For Forex, we review news and its impacts, which I believe is a valuable addition.
🌐 Decentralized Oracles:
Chainlink uses a network of decentralized oracles that provide accurate and reliable data to smart contracts. This decentralized structure helps reduce the risks associated with relying on a single data source.
🏧 Support for Various Data Types:
Chainlink can provide various types of data from different sources to smart contracts, including financial, weather, sports data, and more.
🤝 Integration with Multiple Blockchains:
Chainlink has the capability to integrate with multiple blockchains, offering flexibility for developers to use oracles on any blockchain of their choice.
🔗 Increased Use in DeFi:
Chainlink has become a crucial component of many DeFi projects, as these projects require accurate and timely data for proper functioning.
🔑 Key Support and Resistance Levels:
Supports Levels: 12.977, 11.074, 9.444
Resistances Levels: 15.832, 18.815, 21.763
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
