ChainLink VS Bitcoin Uptrend Continuation

After finding the support at 4500 satoshi area, ChainLink started to move higher, rejecting the 2/1 Gann Fan trendline and breaking above the 200 Moving Average. LINK/BTC clearly producing higher highs and higher lows suggesting the continuation of the uptrend.

After breaking above the 200 Moving Average ChainLink corrected back and rejected the MA which was acting as a support this time, together with the Gann Fan trendline. The upside tendency is certainly there and ChainLink should continue rising towards one of the Fibonacci retracement levels applied to the last corrective wave down.

Frist resistance is at 127.2% Fibs, that is 11k satoshi. Second is at 161.8%, which is 13k satoshi. These are only nearest targets that could result in a 75%-100% gain over the Bitcoin in the medium to short term. On a downside, only a daily break and close below the 4k support could invalidate bullish outlook.


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