Shown is my technical analysis for Chainlink. It has a TEXTBOOK cup formation with a potential handle incoming. If the handle forms I expect a healthy retrace to 29.5k sats region -supported by previous S/R line -supported by pitchfork(points 1,2, and 3) -supported by the fib levels(drawn from the ATH candle close to the recent swing low).
On top of this the RSI indicates that chainlink is severely overbought, and although it can linger overbought for ages, historically chainlink has not lingered for long and has had a retrace. Since chainlink just hit its ATH(close) in sats, I believe this supports the retrace.
Technicals aside, at 10:20pm EST, at devcon5, the fate is in Sergey's hands, (chainlink CEO), if news is prominent, we may see a great big green candle, if not, it only adds to the retrace.
*Not financial advice* Stay tuned!
Best,
Composition
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Sergey delivered non-bullish news, retrace in progress
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Note the handle was drawn arbitrarily* but see the updated photo of the price target box being extended to the left.
Trade closed: target reached
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If you shorted the news, you've hit ~29k sats, congratulations.