Oct 20, 2020
Huobi x CoinMarketCal 👀 A Coin To Keep Your Eye On- ChainLink!👀
Your smart contracts connected to real-world data, events, and payments. The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.
📈Analysis
After a nearly 64% retracement from its summer highs, LINK began forming a potential bottom. Late September saw the first higher high, with several stop runs forming a higher low before a higher high on October 12th.
These swing points formed a new bullish market structure. The 9 EMA and 18 EMAs have also crossed over, giving bulls more confluence to support their bias.
Since the price has spiked through weekly highs at $11.23 and $11.70, a retracement may be due before another potential leg upwards. The 62% retracement level and consolidation near $9.67 provide high-probability support for bullish entries before an attempt on the swing high near $11.82.
Bears viewing the most recent swing high as nothing more than a stop run could look for entry triggers in the current region. A first target could be the 62% retracement near $9.67, with extended targets reaching to sell stops under the last swing low near $8.35 and monthly low near $7.31.
👀Follow Us On Twitter @HuobiGlobal + @CoinMarketCal
👀www.huobi.com; coinmarketcal.com
Risk Reminder:
1. Trading in digital assets comes with high risks due to huge price fluctuations. Users should be fully aware of the risks associated with digital asset trading and make prudent trading decisions.
2. Huobi Global’s announcements and information do not constitute investment advice, and Huobi will not bear responsibility or provide compensation for direct or indirect losses arising from trading decisions whilst relying on this information.
