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Saturday, August 22, 2020

Sucker's Rally in LINK?

Sucker's Rally in LINK?

LINK / USD KRAKEN:LINKUSD

I drew this 17 Aug when LINK Spiked down pretty hard. My initial thought was that Link would bull flag on the way down after that monstrous wick and I'd long near the box below where we had previously topped 9 Aug, but that bottom line started acting as resistance while ETH and BTC were trending down. My Bias now is that crypto as a will trend down until bitcoin starts trending up, which I believe will be around 10,500 given that is where the 50SMA is and was out previous resistance.

snapshot

LINK has bullied its way back up to the channel, but there is a high probability that it gets rejected at the bottom trend line , with the possibility that it pumps up to the top and dies again. I am presently short ETH and I stand to make money on that trade regardless of what happens to the other coins.

from Trading Ideas https://ift.tt/2CNZ1QS
via gqrds

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