Chainlink was one of the coins I get wrong in 2022 , you can check out that invalided TA below :
Where does it leave it in 2023? , its been tricky placing Gann Fans and Trend based Fib time tools on LINK because the RSI hit multi times at the same level so did the price.
LINK hit 5.3 dollars five times over the last 252 days but never closed under , it seems to have a massive sell wall at 9.5 dollars . The pattern doesn't resemble any past price so been rather lost with this one. Price hasn't been moving like LINK normally moves in the past , it seems this price range has been very weird not very organic if you ask me.
I have set a trend fib time using elliott wave indicator tradingview has to offer and according to that wave C finished June 2022 so trend fib time is placed from Wave Count 5 to C.
Week of:
Monday 2nd January 2023 -0.5 Fib
Monday 13th February 2023 -0.618 Fib
Monday 18th March 2024 -1.618 Fib
The last date is the same week as the Bitcoin halving which is pretty interesting but time shall tell if these dates have pivots so far 0.5 has resulted in some action.
Looking the LINK/BTC dominance chart we can see that this level is very important , there is a lot of confluence in this area and holding support here would be great to see.
So to conclude not much to go on short term once we break 9.5 dollars and the 2/1 Gann Fan then will revisit.
Where does it leave it in 2023? , its been tricky placing Gann Fans and Trend based Fib time tools on LINK because the RSI hit multi times at the same level so did the price.
LINK hit 5.3 dollars five times over the last 252 days but never closed under , it seems to have a massive sell wall at 9.5 dollars . The pattern doesn't resemble any past price so been rather lost with this one. Price hasn't been moving like LINK normally moves in the past , it seems this price range has been very weird not very organic if you ask me.
I have set a trend fib time using elliott wave indicator tradingview has to offer and according to that wave C finished June 2022 so trend fib time is placed from Wave Count 5 to C.
Week of:
Monday 2nd January 2023 -0.5 Fib
Monday 13th February 2023 -0.618 Fib
Monday 18th March 2024 -1.618 Fib
The last date is the same week as the Bitcoin halving which is pretty interesting but time shall tell if these dates have pivots so far 0.5 has resulted in some action.
Looking the LINK/BTC dominance chart we can see that this level is very important , there is a lot of confluence in this area and holding support here would be great to see.
So to conclude not much to go on short term once we break 9.5 dollars and the 2/1 Gann Fan then will revisit.
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