LINK/USD Weekly Chart
LINK just had another massive bullish candle, piercing right through the 0.5 and 0.618 Fibonacci extensions. I came to these particular levels by using the Fib. extension tool from the January '19 low, to the June '19 highs and the March '20 low. As you can see, we closed the previous candle exactly at the top of the golden pocket area ($7.25) and are currently fighting to maintain the support level.
If the bulls lose the fight, we could have LINK retracing over the following weeks to the 0.5 Fib. level, revisiting the $5 mark and the 21 weekly EMA (yellow). At $4.5 we have the top of the June '19 candle wick and the February '20 local high, so we might get a brief touchdown.
At the other hand, if the bulls continue to push in the following months, we have the 1-to-1 extension at $17.8 and that is definitely doable.
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LINK/USD Daily Chart
On the daily we have a long bearish spinning top candle, a bearish divergence on the RSI and the MACD - Histogram seems to have reached the top. Short term it is probable that we're going to revisit the 21 EMA (yellow) and the 0.236 Fib. retracement.
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Thanks for reading and safe trading!✌
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