So far, on the 1W, 1D, and 4H charts, and we see the same patterns emerge. We see a bearish reversal candlestick pattern at current level now, which needs to be confirmed near area of value (this could be a fibonacci resistance level, or a current trendline). So we will pay attention to the candlesticks between $11.50 - $12.25, and if we see any pattern emerge that looks like a pivot point or a reversal pattern, it may be time to act.
From what I can see, the long term channel is unlikely to reverse, so we should see it stay within the channel, but beware of any changes in the structure - accompanied by a reversal pattern, this would be a reason to be worried about a reversal.
Another view from previous hours in the same trend channel.
From what I can see, the long term channel is unlikely to reverse, so we should see it stay within the channel, but beware of any changes in the structure - accompanied by a reversal pattern, this would be a reason to be worried about a reversal.
Another view from previous hours in the same trend channel.
Note
Chainlink apparently did not want to stay in this trend afterall.Note
Chainlink just went through a LIVE Short Squeeze, where Hundreds of Millions of $$$ were liquidated in minutes. There was 1 trade alone, that had put 22Million on the table, and borrowed another 15Million, that had a liquidation price of $11.79... Ouch!That money is all gone. There were several more just like it.
Note
A little worried about this pattern developing...Note
Aaaand there it goes
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.