🔥 LINK Triangle Break Out: Update

7 lug 2021

Recently I've made an analysis on LINK where I stated that it was breaking out of the triangle. In the end, it appeared that the break-out was just a fake-out, as the price retraced towards the bottom trend line of the channel.

Currently, we're looking at quite a bullish picture. BTC appears to be bullish (as per my latest BTC analysis) and some alts are killing it lately.

tradingview.com/snapshots/x/8EzKFx4k

All of this is good news, also for LINK. I'm currently looking at the $22 resistance to be the major point of reversal. It's located at a recent local high, plus the channel top trend line. After this, I'm expecting a minor retrace towards the channel bottom support.

Obviously, if BTC becomes massively bullish, there's a big chance that LINK will burst through the $22 resistance and move up towards $25.

In the more bearish case I'm looking at the red area of support. I'm not expecting that LINK will go below $15 again in the near future. In case LINK will enter the red area of support it will be a perfect moment for a potential long term trade.

Happy trading!