We see what was expected, a down trending channel. We see a lower and lower low on both the RSI and price chart suggesting continuation. So let's long it! In all seriousness, I am neutral here. If we can find support in the zone and bounce at this historical support then I expect a decent bounce.
If we lose this support then we should see continuation to the $26.5 area to try to find support. We all know if it doesn't find support by the time the Asian market takes hold then down we go! As always, wait for confirmation candles to print before forming biases. Be safe friends!
I know elliot waves aren't used too much in the short term, but according to your chart after 1,2,3,4,5 we should see ABC correction which should be done about now
greatnewtini
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@TradingYoda64, IMO, we are starting to form a new wave up. The ABC is done. EWT can be used on any time frame. I do not love EWT like alot of people but I see the significance of it. I prefer historical S/R and trending channels which I then confirm or deny using other indicators. FIB retracement/EWT/Heikin Ashi/Ichimoku/etc. Just depends on the asset, time frame, market sentiment, etc.
TradingYoda64
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@greatnewtini, Yes, that's what I'm implying. ABC is done and starting a new wave up, BUT because this is LINK I doubt it.
Lately bullish TA has proven to be incorrect for LINK time after time.
greatnewtini
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@TradingYoda64, lately LINK has been following the plan of selling tokens to fund further development of LINK. Short term price reflects it but long term GREAT for LINK