Chainlink (LINK/BTC)

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A Plan in Action

The article and chart below was when I first pointed out the repetition of market structure. The idea did play out as suggested.

The idea is still valid for now. The chart above shows that a rise above 0.00045 puts the idea at risk of invalidation. Revisit the chart at 0.00045 to the upside invalidation or 0.00034 for a possible dip buy depending on the volume profile.

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Disclosure. The author does not own any Chainlink.

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Chainlink (LINK/BTC)

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An algo on the loose

The pattern noted above, and some minor variations of it, are noticeable throughout the history of this market’s price history. I first noticed it while using BBands but removed them for this post because it’s far too busy looking with the extra lines.

Anatomy of the algo

After a bear market push a Head & Shoulders pattern develops as it bounces from the Lower BBand up-and-through the Upper BBand (not seen for reasons noted above). That is followed by a double top (2 pushes) with 2 strong retraces. Variations of the algo are more present on the 3rd push towards highs. The volume profile tends to echo the price action as well.

Currently there is wonky Head & Shoulders in the works with the price recently bouncing off the Lower BBand. History of the algo would suggest a bit of consolidation before picking a direction for a new measured move.

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