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as the entire cryptocurrency market continues to rally in 2020 youre beginning to see the Bitcoin dominance declined slightly down to roughly 64 percent at the time of this recording all coins like Icahn hadera hash graph and Raven coin each registered massive gains and had outperformed link all week then out of nowhere chain link rose from two dollars and ninety cents to a high of three dollars and thirty nine cents in a matter of hours I woke up this morning looked at my black folio and I was stunned were about to discuss what likely comes next for the chain link price after the massive green candle we just had but before we get started I want to thank our new and returning subscribers for supporting the channel and explain what we do here crypto right exists to help you safely navigate the ups and downs of cryptocurrency through news stories technical analysis videos like this one in project review videos so if youre passionate about chain link crypto investing in general or just committing to building wealth over time make sure to hit that subscribe button in the bottom right corner of our screen all right here we go before we talk about where the price is going I just want to show you guys a few bullish chart indicators that Ive witnessed this week and theres really a lot going on so the first one here you can see where this arrow is and this happened Ill zoom in this happened on February 5th but I didnt want to make a video because I wanted to wait to see if this thing confirmed that if it followed through and you can see we got a big spike in volume which is always a good sign and really what were looking at here is were looking at the 50-day simple moving average and the 200 day simple moving average in orange and so whats happening here is called a Golden Cross and if youre unfamiliar with the term Golden Cross I mean what happens is when you have a shorter period moving average cross over and through to the upside its considered the Golden Cross and its considered an extremely bullish indicator so the other thing I want to point out to you is this is the first time weve ever seen this happen on this chart heres the 50-day moving average yellow and you can see weve never seen it come up underneath and cross through the 200-day moving average so this is a bullish chart signal and its something to definitely keep an eye on but so long as this keeps rising it is a positive thing for the charts right now were looking at the weekly chart so each one of these candles represents one week of price action and what I want to talk about here is another bullish indicator that just happened since the last time I made a chain link price video and if you guys dont know this I didnt say in the intro but I do make chain link technical analysis videos regularly so what the indicator is is called the MACD which is a momentum indicator and what I want to show you is that we just crossed over to positive so we are showing positive momentum on a weekly and remember thats more significant than a daily or a four-hour or a one hour or any shorter time frame that actually happened back on January 27th but the important thing is it appears to be holding as the week moves on and we want to see this grow and you can see we really were stuck below that and we had that negative momentum for really quite some time all the way in the weekly chart since September 2nd so another positive indicator also I do want to point out as we look at this weekly chart just because Im always trying to give you guys ideas of where the next support and resistance levels could be on the weekly chart if you look at this Green Line youll see we had resistance here also put in some support here and what this Green Line is is its at the $2.90 level which was the level we broke out from just last night so for the record if this does begin to retrace back down and head back downwards I would anticipate us to find support at 2 dollars and 90 cents as you can see if we continue to breakout from past where we are right now around the 3.27 price point theres not too much resistance overhead maybe you could make the argument that at 3.30 9 cents here you can see we had the tops of those two and that was where we peaked out just earlier today so thats an interesting price level were gonna have to see if we have a hard time crossing over but the MACD crossing over bullish on the weekly chart is a big deal next I want to talk to you about a bullish chart pattern that can also be seen on the weekly chart but I got to give credit where credits due and this was actually an idea I got from one of our viewers who goes by the name of William Baker show shoutout to William Baker for just bringing this to my attention I try to never or to very rarely watch other peoples analysis of chain link because I dont want it to skew what Im seeing but this was a really intelligent comment and something that I hadnt picked up on so I really need to bring this to your attention because I really liked what he said here so what he was talking about was a double bottom chart pattern on the weekly chart and remember when things happen on the weekly chart it is very significant so what we seeing dating back from June we came down here thats one bottom and we came down here had a little bit of a shorter bottom what Im seeing here would be considered an Eve Adam bottom an Eve bottom is a little bit longer um of it of a curve and an Adam bottom comes down and goes up a little bit faster but what I need you guys to know what I want to make you aware of is the measured move coming out of this because I talked about in the intro how were gonna talk about where the chain link price could go next so lets talk about the measured move here in order to properly calculate the measured move upwards from a double bottom reversal pattern is to take the neckline which is where it starts which we could say is roughly right about here actually right where this is right now were basically at that neckline and you take that down to the lowest valley of the pattern which as you can see here is right around $1 and 43 cents now what happens is youll take that to the top of the neckline and the top of this line would bring us to what Im seeing as four dollars and seventy cents theoretically I also want to point this out to you and Im gonna read directly from the chart analysis book I study from Thomas Bell Kowski and its price meets the target 69% of the time after a breakout from the Eve Eve double bottom so slightly different but we can still use it for our purposes and it says that percentage is a little low so be conservative with your targets as in archery the closer the target the better the accuracy so if youre looking to swing trade this I wouldnt expect it to go right up to four dollars and seventy or four dollars and sixty cents fact I wouldnt expect it at all I would probably go about halfway up and make my target if I were you if I was trying if you were trying to swing trade I would make my target probably conservatively lets see maybe at the top of this we saw a resistance that would be 357 lets go to the top of this one I would say probably right around the four dollar point beyond that it could happen but if you see that point youre looking to take gains and lock them in that might be a good time again everything I say is just my opinion its based on facts and probabilities but I am NOT a financial adviser please dont get mad at me if you try and trade something and it doesnt go the way I say it will and as you said as youve heard me say before this only reaches the true height sixty nine percent of the time so we have to see what happens here but I just again I give you probabilities on this channel based on technical analysis research but pretty amazing it looks like there could still be guests in the tank but I would not be surprised to see this price fall back down in the short term but exciting times as a whole as you guys know we are roughly 94 days away from the Bitcoin having and that to me I believe is a main catalyst fueling this rally I made a video about this that I posted on Monday of this week please do yourself a favor and check it out if youre unfamiliar with the half thing what it is how it works and really the major impact it could have and one thing I learned about the half and I also want to share with you guys in this video is its not only the time leading up to the but we actually reached all-time highs and broke them three to five months after the two previous havings so its just insane theres so much to look forward to this year and someone else on my channel commented Krypto ride and hit 3:30 last night did you sell like you said and you know Ill just reply to you here hopefully you watch this one if you watch this video roadster let me know in the comments also William Baker if you actually watch this one also let me know say hi in the comments I gave both you guys shoutouts obviously again I love talking to you guys but no I did not sell today um and you know for me I dont want to be the guy who sold chain link for 3 dollars and 30 cents when I believe that it could hit prices that we cant even imagine yet of course you know 10 dollars 20 dollars this year I made a whole video talking about the true price potential so no Im just holding on Im not messing around too much with swing trading right now especially with a trading up truthfully I could be and Im probably gonna enter some swing plays but it will not be chain link that Im swing trading with and if it is its only gonna be a very small percentage of my holdings because you know its you know were holding Apple in the 1980s we could be potentially we could be holding Amazon in its early days you know its thats how big this stuff could be and how massive the rally could be but do go ahead and like this video subscribe to the channel if youre not already so we can stay in touch and comment on what you think is gonna happen with this price aside from that I want to remind you to never invest more than you can afford to lose in cryptocurrency and to just enjoy this ride have an amazing day I want to thank you for watching Ill see you next time thanks This Chainlink technical analysis discusses how the link altcoin will react following the MAJOR price gains we saw on February 7, 2020. 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