I really like about this chart and what we've discussed before is that chain link has played out two very similar parabolic advances after we broke the all-time high we came back to test the 50 retrace we got a really nice touch off the 50 retrace and we bounced right up we saw the 10 day and 21 day moving averages converging before the next major push and a very similar thing is taking place right now
We ran up we pulled back right around the 50 percent retrace and the 10-day and 21-day emas are squeezing and we just got the breakout we have two very similar very uniformed parabolic structures and this is important because it shows that the bulls are able to maintain the momentum chain link is maintaining its bullish momentum and we could very likely be looking for much higher prices from here you know just as an example looking at the bitcoin chart in 2017
We played on a very similar structure from high to low bitcoin came back to test right around the 618 golden retrace and from that swing low to the next swing high bitcoin came back to test right on the golden retrace and both of these got a touch right around the 21 week and my point here is that when you're creating parabolic trends it's good to see very similar uniform structures as you're moving up it means that the trend has a lot of strength and that very likely
You're going to see some continued moves to the upside and that is what i think is happening to chain link right now we're seeing really awesome structure here and i'm very confident that we're going to be testing much higher prices from here chain link is now creating a very strong very healthy parabolic trend and we're going to talk about what targets i'm looking out for in a second one thing i want to discuss first is the four hour charts normally
I don't really look at these low time frames but this is a pretty important moving average to keep in mind we held it on the first major run above the all-time high when we first got the all-time high break here and ran up to eight dollars ninety cents we used the 21 on the forward chart as support and then once we broke below it there on the four hour