LINK.USD updated near term Zones: ChainLink possible next Move

16 Kas 2019

Update to my ongoing ChainLink analysis (see links below).

LINK took a spike down thanks to Bitcoin flash dump.
This bounce is the strongest reaction of the Alt coins.
One more leg up is expect-able, but will not be easy.

As you know, Bulls have been fighting $3.05 resistance.
There is a cluster of many fibs, and another just added.
Break of this resistance should pop a band or two quickly.

Current range may well contain price for rest of weekend.
Current stance implies one more leg down to be finished.
Current sentiment feels cautiously bullish if not worrisome.

Previous LINK analysis:
$3.17 Break Out opp (not triggered)
$2.87 Target Call (perfect exits)
$2.65 Support Call (several long entries)
recent Impulse Redux (caught recent top)
$2.7 target plotted (perfect roadmap)
Support/Bounce zones (caught recent bottom)
Breakout Zones plot (caught the breakout)
May 2019 support zones (caught all turns)
$1.46 Bottom Call (caught exact bottom)

16 Kas 2019

Not

There was the expected drop bounce looks ok so far, but am still cautiously optimistic.

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16 Kas 2019

Not

Not looking so good. Secondary support was pierced, and is being approached again Probably will not hold, but lets see.

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16 Kas 2019

Not

Zoomed in the bounce cam exactly to the lower bound of previous support would have been nice to hit the upper bound before retracing.

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16 Kas 2019

Not

Adding the fib of retrace wave The 3.26 will add a layer to the support there, but not a lot because 3.236's are not often strong unless the trend is quite strong .
So hopefully the 2.618 (always strong) will hold, but if bounces off the 3.236 instead, that will still indicate strength.

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16 Kas 2019

Not

Here is a good sign for bulls nice clean ping and launch.
Lets see if it can gain any momentum.

17 Kas 2019

Not

We got a decent bounce on second touch of support And it got pierced the band above before pulling back. This might be a go....

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17 Kas 2019

Not

Zoomed in on the bounce with a fib Decent adherence to the ratios. The 1.236 can not be visiting again, or this bounce is at risk of collapse ...

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17 Kas 2019

Not

So the attempt to bounce from wave C failed, but only after a significant bounce So the expected bounce height was over-optimistic.
But the fact that it did bounce, from exactly the zone expected, means that the fibs are good, and the zones are valid.
Lets see if the current support zone holds.

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17 Kas 2019

Not

Under the microscope again, with Purple Fib of the decline from $3.05 resistance that purple 3.618 was a good place to bounce, especially because it was within the support zone originally anticipated. Lets see this holds.

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17 Kas 2019

Not

Continuing with the micro fib just above, bulls just got a decent sign: Bounce exactly on the 2.618.
2.618's are always important. Bulls really need to hold it.

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18 Kas 2019

Not

Bulls making another run for it but ran into the red 3.618

Isolating that fib series, we see the precise reactions to it

Now putting that red fib back into the complete picture shows the relevance of 2.9284 area, with THREE important fibs right there.
Ie: Bulls need to hold 2.298xx to maintain upward momentum.

18 Kas 2019

Not

Adding a fib of the bounce Shows that $2.9276 is now key support that bulls most hold to keep momentum of this bounce.

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