calmrat

LINKUSD Rejected, looking to retest $25 for a bounce

Short
COINBASE:LINKUSD   Chainlink
As previously mentioned, LINKUSD has clear and strong resistance levels at $28, where it was rejected more than 12 times on the 30m candle resolution in the past 2 days. I was hoping it wasn't. But not surprised that is was.

In my experience, the Bull Market Bands are likely to continue to act as support, since we have already confirmed them as support multiple times after overcoming them.

Currently LINKUSD is trading within the BM bands, in what appears to be typical sideways consolidation. Seems we can drop another 3% without a sweat. More concerning would be if we fell beyond that.

The Bull Market Support bands, an additional 14 period sma of the higher or lower of the sma(20w) and ema(21w) figures currently indicate we have 15% downside protection from current levels yet still, which would leave us at around $22.

A painful thought, but realistic in my best estimation.


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