✴️ Chainlink Reveals Current... (Name Your Altcoin #52)

Feb 24, 2023

Let's continue shall we?

I've done many analysis for Chainlink (LINKUSD) since we have an active public trade for this pair but someone requested to have this pair be part of our Name Your Altcoins series so let's dig in.

Chainlink is good news...
It is giving out positive signals.
As the entire cryptocurrency market is interrelated, connected, what one does the rest follows, having good news here can mean good news elsewhere.

Or everywhere else.

LINKUSD
Just two days ago, 22-Feb., we have a perfect hammer candlestick pattern.

This candle tested and confirmed EMA10 and EMA21 as support.

What looks great is the volume the following day, yesterday, really high volume, the highest ever on BitMEX for this trading pair.

Volume is one of the most valuable indicators available, having all this buying yesterday is great news... This tells us that the bulls are accumulating near resistance, which precedes additional growth.

The MACD printed a bullish cross recently and is trading above zero.

The RSI is super healthy/strong at 62+.

If we decide to look at the weekly timeframe for additional information...

• We can see a Doji this week leaning bullish (has a long lower wick).
  
• Last week closed almost full green with the highest close since October 2022.
  
• Prices trading above the 0.682 Fib. extension, this one only confirms if the week closes above 7.917.
  

We have some really good signals... If LINK moves forward, Bitcoin, Ethereum and the rest of the market will do the same.

There is always one or two pairs that tend to move ahead when consolidation is taking place, if you find those, you know what is coming to the rest.

Namaste.