ChainLink is setting up for further price correction after price discovery found an all time high at $8.89 and then retraced to the .786 fib just above $8.00. Bulls are now struggling to hold support.
Price action indicates further retrace to the 0.382 fib ($7.37 - 7.5%) and then on to the 0.5 fib ($6.90 -12%).
Downward actions supported by falling RSI on 1hr/2hr/4rh/24hr time frame and distribution shown in falling CCI/OBV on the same time frames.
Traders can enter or short position now or attempt to maximize gain by waiting for a potential shoulder to form with one last retesting of the .236 fib and $8+ levels.
Disclaimer: Not trading or financial advice.
Comment
⋅
There should have been a better shoulder to short than this, but it looks like this might be playing out now.
Comment
⋅
Link bulls putting up a fight. Price came 2% from the $7 dollar target an bounced back to the .236 fib. Partial profits here.
Comment
⋅
More downward action here. Back below the .382 fib and prevailing support trend line. Another opportunity to take some profits asprice approaches the $7.00 TP.