Home » Journal » Chainlink’s LINK Cools Off At Crucial Resistance but Analyst Suggests an Entry Point in This Range as He Anticipates 30% Surge

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Chainlink’s LINK Cools Off At Crucial Resistance but Analyst Suggests an Entry Point in This Range as He Anticipates 30% Surge

Temitope Olatunji

February 4, 2024

An analyst on Tradingview by the name evasivesteering made a post about the recent price action of LINK using the Wyckoff’s Accumulation indicator. LINK price spiked to around $18.9 two days ago but was rejected back to around $17.8. Yesterday it also closed a little bearish but bulls are now gearing up to face the resistance at $18.9 again.

Evasivesteering’s analysis was able to provide an entry point for him at the major resistance (now support) that was broken around 16.9. This means that he still expects the price to pull back a little more from the current levels around $18.1 to 16.9 (the entry point). The take profit based on his analysis is at $21.5, which will be around a 30% surge.

Crucial Levels to Watch

For the analyst, waiting for his entry point to be triggered is the best. He also provides crucial situations that can invalidate his analysis. In his post, evasivesteering states:

“LINK seems to be at phase D of the Wyckoff’s Accumulation Schematic 2. I’ll wait for entry at the given area. Exit and Take Profit levels are also found in chart. The Fib levels are for Weekly TF, if any weekly candle closes below the Fib. 0.5 is also an exit signal or invalidation condition.”

He believes this is not financial advice and that risk is under the control of the trader.

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