{"id":174798,"date":"2021-02-10T11:30:00","date_gmt":"2021-02-10T08:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/"},"modified":"2021-02-10T11:30:00","modified_gmt":"2021-02-10T08:30:00","slug":"chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/","title":{"rendered":"# Chainlink hits new highs, but is LINK about to pull another 150% parabolic move?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36c4388779e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36c4388779e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/#The_trend_is_your_friend\" >The trend is your friend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/#Uniswap_topped_out_after_a_100_retracement_vs_BTC\" >Uniswap topped out after a 100% retracement vs. BTC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/#LINK_is_currently_on_a_fire_sale\" >LINK is currently on a fire sale<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/#Bitcoin_consolidation_phase\" >Bitcoin consolidation phase<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/#Heatmap_data_suggests_48K_is_the_local_top\" >Heatmap data suggests $48K is the local top<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\/#Key_price_levels_to_watch_for_LINK\" >Key price levels to watch for LINK<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Chainlink hits new highs, but is LINK about to pull another 150% parabolic move?  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>You could literally hear the Bitcoin (BTC) hodlers cheering from the rooftops as the world&#8217;s largest whale publically entered the market this week.<\/p>\n<p>But as Bitcoin screamed toward $50,000, altcoin hodlers looked on in horror as their portfolios began shrinking in terms of BTC. <\/p>\n<p>However, the Elon pump has possibly created a massive buying opportunity for many altcoins on the BTC paired charts. One coin, in particular, has been letting the side down, namely LINK.<\/p>\n<p>It seems like only yesterday that Zeus capital got rekt shorting LINK as it pumped from $10 to $20, but this was August 2020, when Bitcoin was trading at a lowly $10,000. <\/p>\n<p>In the last few weeks, despite LINK pushing to new all-time highs, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>verse has been jokingly calling LINK a stablecoin as it\u2019s been hovering around $25 for what seems like forever. <\/p>\n<p>It was even recently flipped by DOGE on the market cap ratings. Not a good look for the &#8220;LINK marines,&#8221; who&#8217;ve been beaten by a meme&#8230;for the time being.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_trend_is_your_friend\"><\/span>The trend is your friend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/4e63e97d-7129-4e11-9064-6b9cb292d7a9.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>LINK\/USD<\/em><em> 1-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Starting out on the 1-hour chart for LINK, you\u2019d be blind not to see the solid uptrend LINK has held since the beginning of 2021. <\/p>\n<p>Right now, the mid-channel resistance on the LINK\/USD chart is sitting around $29 with an upside target of around $34. <\/p>\n<p>The move upward has been so significant these past months that the next level of support if the bullish structure breaks can be seen around $17.20. However, you\u2019d be doing yourself an injustice with these mediocre targets as you\u2019re missing the bigger picture. To understand this, you only need to look at the UNI\/BTC chart. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Uniswap_topped_out_after_a_100_retracement_vs_BTC\"><\/span>Uniswap topped out after a 100% retracement vs. BTC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/565aef8d-d605-42ea-bb15-f9926089f666.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>UNI\/<\/em><em>BTC 1 day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>One of the recent success stories of 2021 is Uniswap, which has rallied from under $3 to over $20 in just a matter of weeks. It\u2019s hard not to FOMO into coins that are tearing up the runway like this, and with many alts in price discovery, it\u2019s hard to know which coin to buy when looking at the USD pair chart. <\/p>\n<p>But we can see a pattern on the BTC pair charts with a little help from the Fibonacci retracement tool to really see where the opportunity lies \u2014 and right now Chainlink is screaming buy. <\/p>\n<p>UNI sat around the 0.236 for about six weeks before breaking out from its own $3 &#8220;stablecoin&#8221; levels, and it now rests above $20, Meanwhile, LINK is only four weeks into its 0.236 pit stop. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"LINK_is_currently_on_a_fire_sale\"><\/span>LINK is currently on a fire sale <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/ca745a7d-0b48-4bb0-bdc1-815e4f42eec2.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>LINK\/BTC<\/em><em> 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Moving over to the LINK\/BTC chart and it\u2019s currently 154% away from its previous high in Bitcoin terms, hovering around 0.236. <\/p>\n<p>LINK is not alone on this chart. Many other coins are exhibiting the same structure against Bitcoin, and with each pump that Bitcoin has, the gap to the top gets higher and higher. <\/p>\n<p>With LINK currently trading at $27.50, this would put the price of LINK at $70 just to regain its previous Bitcoin paired level, but that&#8217;s assuming that Bitcoin stays around its current level. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_consolidation_phase\"><\/span>Bitcoin consolidation phase<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/4225cf98-9187-464e-a44f-fc3c4f536a3b.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-DAY chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>It&#8217;s inevitable that Bitcoin will push higher this market bull market. However with such a massive move this week, we can expect a period of consolidation. During this phase, we can start expected BTC gains to flow into alts, thus perpetuating the altcoin boom cycle. <\/p>\n<p>Right now, $48,000 is acting as resistance in this channel for Bitcoin. This is the zone to break past for the next big leg up, and each day $100,000 Bitcoin seems more and more inevitable. <\/p>\n<p>However, as it rests around $46,000, we can see that a pullback to the mid-channel support of $41,300, which would represent an 11% drop. Furthermore, a 28% drop to $33,280 shouldn\u2019t be ruled out as this would still retain a bullish structure. <\/p>\n<p>Despite my overall bullish bias for Bitcoin. If I ask myself what is more likely in the short term, $100,000 Bitcoin or $70 LINK? The answer to that question is an easy one to answer: marines for the win. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Heatmap_data_suggests_48K_is_the_local_top\"><\/span>Heatmap data suggests $48K is the local top<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/6296e489-b3e2-4f66-8080-ec6e1662b8a3.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC USD 1-hour heatmap Source: Tensortcharts<\/em><\/figcaption><\/figure>\n<p>Moving over to the heatmap data on Tensorcharts, there are sell walls at $48,000, which further reinforces that it\u2019s not quite yet time for Bitcoin to shine to a six-figure price target, with large but not huge buy walls sitting between $43,000 and $44,000, respectively. <\/p>\n<p>This leads me to believe that for the time being, we can expect some sideways price action from Bitcoin for the next few days, allowing LINK and other alts to catch up. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_price_levels_to_watch_for_LINK\"><\/span>Key price levels to watch for LINK<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/d724041b-61a0-457e-b629-e1934179a48a.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>LINK\/USD<\/em><em> 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The next key level for LINK to break is the channel resistance of $34, this would start putting the Bitcoin paired Fibonacci levels as the most logical areas of resistance should it break up out of this bullish ascending channel. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/616b045a-73d6-4219-9feb-b98513aefd0e.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>LINK\/USD<\/em><em> 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The fib levels on the BTC pair chart visualized on the 1-day USD pair charts give a taste of what to expect from LINK in the coming weeks, showing a key level being around $36 to claim the 0.382. Then $43 to claim the 50% retracement, and around $48 to rest on the 0.618, which I imagine will overshoot to the 100% retrace at $70 before resting back down to this level. <\/p>\n<p>As for the downside potential for LINK, $25 seems to be the local bottom. Losing this wouldn\u2019t be good for the bulls, as it\u2019s a long way down to $17.20. However, from a technical perspective, \u201conly up\u201d seems like the play here for now. <\/p>\n<p><em>T<\/em><em>he views and opinions expressed here are solely those of <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/officiallykeith\"><em>@officiallykeith<\/em><\/a><em> <\/em><em>and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/chainlink-hits-new-highs-but-is-link-about-to-pull-another-150-parabolic-move\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Chainlink hits new highs, but is LINK about to pull another 150% parabolic move? &#8221; You could literally hear the Bitcoin (BTC) hodlers cheering from the rooftops as the world&#8217;s largest whale publically entered the market this week. But as Bitcoin screamed toward $50,000, altcoin hodlers looked on in horror as their portfolios began&#8230;<\/p>\n","protected":false},"author":1,"featured_media":174799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMTlmNWZlNDQtMDFiZC00YTRmLTlkMWYtNjZjMjM4ODkxMDk3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75167,74939,88700,73785],"class_list":["post-174798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-chainlink","tag-market-analysis","tag-uniswap","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/174798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=174798"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/174798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/174799"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=174798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=174798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=174798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}