LINK/BTC is looking like it’s doing a bullish consolidation. We have been trading in a declining channel and recently we broke the resistance and ever since the price is trading above this trend line. I think LINK/BTC right now is in an accumulation zone (bullish) where we consolidate sideways and once we are breaking out to the upside followed by a big move.
Periods can be very important especially considering when liquidity is going to alt-coins like Chainlink. I’ve looked at the months in the past when LINK/BTC started it’s rally and as you can see the structures looking quite similar. Around May consolidate / easy uptrend and around June we see the acceleration. Something to take in mind, even though LINK/BTC is looking bullish we might consolidate here for some more time until we see the momentum really coming in.
I”m personally already positioned into LINK and right now watching the sideways channel (see image above). If we where to break below I’m planning on exiting the position temporary. If we break to the upside I expect a bigger move to come and bullish momentum coming in.
Resistance : 73224 Sats
Support : 62507 Sats
When we break upwards the next big level to watch is the golden ratio (61.80%) at 95423 Sats.