LINKBTC A head of a massive bullish break-out.

18 nov 2022

The Chainlink / Bitcoin (LINKBTC) pair made a first and important move towards a bullish break-out last week as it broke above a Lower Highs trend-line that was holding since August 2020, practically dominating the recent Bear Cycle. Despite the break-out though, the 1W candle was rejected on the 1W MA100 (green trend-line) and 1W MA200 (orange trend-line) zone and closed back below the August 2020 trend-line.

This is holding the bullish break-out into a new Bull Market back but as long as the Channel Up (green) is holding and the 1W MA50 (blue trend-line) supporting, we will most likely see another attempt. Judging by the 1W RSI, we most likely need it to break above its 62.00 Resistance Zone, which started on May 03 2021 and has another two rejections under its belt.

In the meantime, notice how the Fibonacci retracement levels have shaped the price action since August 2020, with the High Volatility Zone located within the 0.618 - 0.382 Fibs. As you see, last week's rejection was conveniently made also on the 0.382 Fib, currently a major Resistance, while the Channel's October Low on the 0.236 Fib, which is the Support. A break below, basically restores the bearish trend.

A break above the 1W MA100 and 0.382 Fib on the other hand, should in short time test the 0.618 Fib, i.e. the top of the High Volatility Zone.


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