Although many altcoins hit bottoms not seen since 2017, others such as Chainlink, Tezos, and Ethereum Classic could regain their bullish trends and reach higher highs.
This will be considered as a trend reversal from bullish to bearish with the potential to take LINK down to the 78.6 percent Fibonacci retracement level, around $1.15.
Based on the indicators, LINK could experience a bullish impulse that takes it up at least 28 percent to test the 100-day moving average and the 50 percent Fibonacci retracement zone.
Following a nearly 100 percent bounce off the golden retracement zone, Tezos pulled back to the area once again.
Ethereum Classic appears to be signaling a retracement to the lows of December 2018.
If this bullish signal is confirmed, Ethereum Classic could move up to the neckline before continuing its downtrend.
If this bearish formation is confirmed, it is likely that Ethereum Classic will end up moving in the same direction as the previous trend-predicting a 25 percent drop from the breakout point.
If ETC is able to move above $5 it could jeopardize the bearish scenarios previously presented and surge to the 65 percent Fibonacci retracement level, $5.60.Overall sentiment.
Chainlink appears to be bullish while Tezos is neutral and Ethereum Classic is bearish.
It is worth paying attention to the bullish signals presented on Chainlink's charts as well as the bearish signals on Ethereum Classic's charts.
Chainlink, Tezos and Ethereum Classic show mixed signals, but one of three is bullish
Published on Oct 2, 2019
by Cryptoslate | Published on Coinage
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