LINK Price analysis: The $1000 prediction? (With a twist)
As Chainlink price continues to surge to new all time highs, and as people are getting euphoric on their investment, with new predictions rolling in like it will reach $100 and stuff like that, lets see where we really are!
You read it! If you got attracted by the heading, feeling euphoric about your holdings, read on...
There's a small surprise for you!
A Small disclaimer: I'm not a financial advisor, but F*** who cares π In a bull market, everyone who buys early becomes a "genius".
Link remains one of the top performers in the crypto market and it already defied the toughest 2018 bear market, continued throughout 2019, and is still going strong and almost everyone is talking about it now.
But the question is, will it go forever?
LINKβs price action, along with many other cryptocurrencies have some investors(or traders) convinced that a new alt season has already begun, but hey, have a look at my previous posts as well! :) Back in 2018, we got hit by a new paradigm that Link will be something!
Last month, I've covered that we may be witnessing an Altseason soon, and its already in!
Price followed, we boomed throughout 2019, people became optimistic. Bears were slaughtered!
The number of companies, investors, node operators, and all, getting involved with Chainlink on a deeper level is also increasing as such, but so are with other cryptos!
So, in other words, are you seeing anyone speaking negatively about Link? No right? :) Everyone is now interested in Link! People who bought in early are now super rich & euphoric! Everyone is just too optimistic about it!
So much so that it even broke above a bearish Rising wedge pattern!
In classic financial terms, it signals a market euphoria!
Have a look at the Link/BTC 1W chart below!
log chart Link: https://www.tradingview.com/x/4wbugY7J/
It is well enough known that Bull markets often end in a spectacular blow off top!
Have a look at the below example image of a blow off top:
Most prominent is the Bitcoin bubble around 2017 end (I assume people claiming its in a bubble right now are too late)
Blow-off top is nothing but a buying climax. It develops as the end of a prolonged uptrend. (Link was already on a prolonged uptrend!)
If you are interested on how to identify one, have a look at the below article for reference: https://tradingsim.com/blog/5-ways-to-identify-blow-off-tops/ (I'm not affiliated with them!)
Never forget one of the most powerful textbook style chart examples:)
Now an important question!
Am I implying link has already made a top?
Ans: Not yet! Its a bit early to tell, considering crypto markets can stay irrational for a long time, but it "MAY" be near a top... I'll be happy to be proven wrong :)
But, remember:
The smart money who bought in around 2018, will be looking forward to sell soon! (have a look at the on chain data yourself) And it will only be a matter of time once all the unloading happens, and panic sweeps through the space as everyone will rush to book profits, (and many may even end up in huge losses!)
Want to look at the charts again?
Link/USD 1W:
Link: https://www.tradingview.com/x/kHB8B6ty/ Areas of interest have been marked on the chart! :)
Chart may not be real time as I schedule some posts for later
If you liked the article, consider giving an upvote!
Again: "You have been 'warned!'π
Posted Using LeoFinance
