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Similarities Between LINK Price and Bitcoin Noted by Investor

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Written by
Valdrin Tahiri

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Edited by
Max Moeller

09 October 2019 02:48 UTC
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Chainlink is a well-known cryptocurrency that has been around since 2017. During the current bull market of 2019, it has been one of the higher risers, at one point having increased by a massive 1750%.

The LINK price is currently trading at $2.5, after reaching a low of $1.5 on September 27.

Crypto investor @nebraskangooner noted a similarity between the current LINK price action and that of Bitcoin in 2018.

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He compared the July LINK high to that of December 2018 for Bitcoin.

In this case, the aforementioned September 27 LINK low coincides with Bitcoin’s December 2018 low of $3200.

Similarities

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At first glance, we can definitely see similarities between the LINK price and that of BTC.

However, it is worth mentioning that the market cycles of every coin have similarities since they usually follow the same wave count.

LINK price

However, when we look at the retracement levels, LINK has not yet reached those of Bitcoin.

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Using a Fibonacci retracement tool, we can see that LINK has yet to reach the 0.382 fib level of the entire drop.

In contrast, BTC reached the 0.618 level before initiating the current decrease.

A similar retracement for LINK would take it all the way to $3.5, a 40% increase from the current price.

However, the current volume level pales in comparison to that of the upward move.

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This makes us believe that the retracement will be weak and LINK will eventually decrease to the support area at $1.5.

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Do you think LINK will reach the 0.618 fib level? What about the 0.5 level? Let us know in the comments below.


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. 

Images are courtesy of Shutterstock, TradingView.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.