Let’s take a peek at some charts. 🧿
Chainlink
$LINK‘s weekly chart looks ugly as hell for bulls – maybe. There’s plenty of the week left, but the weekly candlestick is Ugly with a capital U. Additionally, there’s a rising wedge on the chart.
The rising wedge is arguably the most bearish common chart pattern that exists. Butas bearish as it is, when price action fails to collapse and instead breaks out higher, the move is often Dramatic with a capital D. ✅
Tron
I’m switching to the Ichimoku Kinko Hyo system here for $TRX. This one is simple for bulls: they’re waiting for a re-entry or to add when the daily closes above the Tenkan-Sen, almost smack dab on top of $0.14.
Additionally, the Composite Index (note shown) is now in a historical support zone. ☀️
Shiba Inu
Alright, some of you fine degen folks have e-mailed and messaged asking for a ‘faster’ time frame for $SHIB. Here’s the problem(s) with that:
- This newsletter goes out around 1700-ish EST.
- By the time you read this, anything faster than a daily might be totally irrelevant.
- People in the $SHIB, $DOGE, $PEPE, $BONK, and $FLOKI crowd are scary.
So, just be aware that the hourly chart you’re looking at was done around 1400 EST. The closest white trendline near $0.00003550 is the first resistance zone bulls need to get above, followed by a close above the 0700 EST candlestick’s open.
Upside potential might be limited to the next trendline, around $0.00004150. Any move to or below $0.00003130 and this idea is scratched.