Two days ago I made an analysis on LINK. In this analysis I argued that LINK was trading inside a bullish channel and that we're going to see either more consolidation or a break out.
Earlier today, LINK saw a nice move up and broke out of the channel. With the market trading down currently, I'm still not confident we're going to reach the first target at $32 soon. It appears that the first support is going to be the top trend line of the channel, a re-test might launch the price up.
However, there might be more downside in the current market. In that case, look for a reversal from the bottom trend line of the channel.
On the other hand, the overall market is still bullish. Therefore I've added a second target to the break out pattern at $35. Might take a week or two to get there.
Happy trading!
Earlier today, LINK saw a nice move up and broke out of the channel. With the market trading down currently, I'm still not confident we're going to reach the first target at $32 soon. It appears that the first support is going to be the top trend line of the channel, a re-test might launch the price up.
However, there might be more downside in the current market. In that case, look for a reversal from the bottom trend line of the channel.
On the other hand, the overall market is still bullish. Therefore I've added a second target to the break out pattern at $35. Might take a week or two to get there.
Happy trading!
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