Hello, dear members of LeoFinance!
Today I will comment on the price chart of Chainlink (LINK).
In the 4-hour chart (4H), has formed a Bull(ish) Flag:
According to Technical Analysis theory, a Bull(ish) flag is a continuation pattern that occurs as a brief pause (or a correction) in a strong uptrend and it is more likely that the price chart will exit the flag in the upward (flagpole) direction. Usually during the pause (correction) traders are preparing to take action should the price break up through the upper (resistance) line and/or make a new high as this indicates the bulls are in control again to push another rally.
As seen from the chart above, at the moment LINK/USD is fluctuating near the upper (resistance) line. In my view, if sooner or later a breakout happens, many traders will start to open long positions. However, I would like to outline that the more conservative traders will wait for additional bullish signal, for example a higher peak (maximum) to form after the breakout.
To be continue ...
So, fellow LeoFinancier, what do you expect from LINK/USD in the near future?
p.s. at the time of writing one Bitcoin costs $9,25 according to LeoFinance
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.
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