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.#LINK #BITCOIN
— Nebraskangooner (@Nebraskangooner) October 7, 2019
LINK is one of my favorite assets for long term.
I've been slowly adding(not enough) and will continue to add it to my long term portfolio on dips.
With the strength it showed in 2018 it's a no brainer for me.
I bought some more yesterday on the dip.($2.16) pic.twitter.com/ueNdcszAdR
Similarities
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.
However, when we look at the retracement levels, LINK has not yet reached those of Bitcoin.
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.
This makes us believe that the retracement will be weak and LINK will eventually decrease to the support area at $1.5.
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.
