Testing levels after a solid run to the upside
Chainlink has been one of the projects with very solid activity in terms of partnerships and product development. In terms of fundamentals, the Chainlink project has all the requirements needed to be at least considered for a place within an investor's portfolio for the longer term.
With that said and with the knowledge of the upcoming news in regards to the 50 projects cooperating together with the project, I would continue to accumulate the asset as part of my main portfolio in the long term.
However, in the shorter term, my research has left me with a short idea for the upcoming several days, as there are a couple of key levels to which the price of the asset could retrace.
My case is the following : On 13.09.2019 LINK placed the local low at around $1.43 USD, and since then the price went up, developing a bull trend for almost a month now (as the analysis would be published on 10.10.2019). Looking at the price activity in the past, I believe that there are three main price points on which the price could be seen in the following days (until the end of October most likely). If LINK's price drop below the $2.58 USD mark, it is going to consolidate between the $2.58 USD and $2.38 USD, whereas touching the $2.38 USD would create enough downward momentum for the price to reach $2.25-2.20 USD.
In the case that the testing of 2.58 USD fails, we would most likely see new local high probably breaching the $3.00 USD, but the move to the downside would allow for a further continuation of the bull trend in a steadier pace, whereas a spike would make it harder to keep the gained momentum. This conclusion is due to the spike of ~106% since 13.09.2019.
I would follow up with the chart of LINK in the following days, as the structure of the chart would most probably be redefined in the following days.
Very short term short position, but the risk to reward ratio is favorable.
With that said and with the knowledge of the upcoming news in regards to the 50 projects cooperating together with the project, I would continue to accumulate the asset as part of my main portfolio in the long term.
However, in the shorter term, my research has left me with a short idea for the upcoming several days, as there are a couple of key levels to which the price of the asset could retrace.
My case is the following : On 13.09.2019 LINK placed the local low at around $1.43 USD, and since then the price went up, developing a bull trend for almost a month now (as the analysis would be published on 10.10.2019). Looking at the price activity in the past, I believe that there are three main price points on which the price could be seen in the following days (until the end of October most likely). If LINK's price drop below the $2.58 USD mark, it is going to consolidate between the $2.58 USD and $2.38 USD, whereas touching the $2.38 USD would create enough downward momentum for the price to reach $2.25-2.20 USD.
In the case that the testing of 2.58 USD fails, we would most likely see new local high probably breaching the $3.00 USD, but the move to the downside would allow for a further continuation of the bull trend in a steadier pace, whereas a spike would make it harder to keep the gained momentum. This conclusion is due to the spike of ~106% since 13.09.2019.
I would follow up with the chart of LINK in the following days, as the structure of the chart would most probably be redefined in the following days.
Very short term short position, but the risk to reward ratio is favorable.
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