LINKBTC is at an interesting point right now. We are right at the 200ma on the 1D chart as well as touching an upward trend line which could act as support. We are also right on a solid support at 9360. RSI is at 31 ready to fall into oversold territory. We have seen 6 days of consistent sell volume and are down nearly 30% since the last high 10 days ago. I will be watching this as I have been looking for an entry. IMO we will likely breach the upward trend line and continue down towards the next support level which is right around 8000. I would love to see the 200ma, upward trend line and support hold and get some sideways action before taking an entry. RSI has been trending downward steadily since the ATH at the end on Jan.
When I look back further around Jan 2018 I can see a similar pattern to this one. In 2018 we lost 60% over 140 days while the RSI dropped from 70 to 30. We then had a second drop and the downtrend was reversed and we started moving up. Do we see this pattern repeat?
When I look back further around Jan 2018 I can see a similar pattern to this one. In 2018 we lost 60% over 140 days while the RSI dropped from 70 to 30. We then had a second drop and the downtrend was reversed and we started moving up. Do we see this pattern repeat?
Comment:
It looks like we had nice bounce off the 200ma and upward trend line. Still keeping an eye on this to see if the pattern plays out.