Chainlink (LINK) Price Analysis: Watch For The 34k Sats Zone

  • Major support zone is at 27k satoshis
  • Major resistance is at 34k satoshis
  • Upside potential: reaching the 39k sats local high
  • Downside potential: slumping towards the 23k sats support.

Crypto market has hit another bump in the road which set it back by $5 billion within the last 24 hours.

Chainlink is one of the rare altcoins that actually outperformed the market and is up by 6.7% with a very bullishly looking chart.

LINK/USD

The daily LINKUSD chart is dominated by green candles. Link has managed to close 12 green candles in a row.

TD Sequential has two parts – TD Setup and TD Countdown. The first phase of TD Sequential starts with a TD Setup and is completed with a 9 count. When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely. It is also at that point where TD Sequential starts the second phase with TD Countdown and is completed with a 13 count. When the 13 count is recorded, it is at that point, a price pause, price pullback, or a reversal is likely.


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TD Sell Setup requires at least 9 consecutive closes are higher than the corresponding closes 4 trading days earlier (Close[i] > Close[i − 4]; Index: i ~ Current Bar). LINKUSD closed the 9th candle and moved onto the next phase – TD Countdown. So, barring no broad market sell-offs, we might be in for at least 1 more week of green candles for LINK according to the signals of TD Seq.

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LINKBTC

As for the LINK BTC pair, there is a similar scenario developing. LINK is hitting the Fib786 at 32902 satoshis, of the May-July high low swing.

Upside potential: breaking this resistance zone and reaching the local high at 39671 sats.

Failing to do that could see a downturn to the support at around 23k satoshis, a Fib50 and EMA20 confluence point.

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Lower timeframes show that LINK is mounting another attack at the 34k sats zone where it already got rejected once. Should the rejection happen again, this would form a double top, a bearish signal and we might see a more notable tumble to 27k or, in case of a bigger sell off, to 25k satoshis.

 

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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