Like bitcoin, Chainlink has been in the large longterm descending triangle. LINK lost about 70 cents this week, huge.
Last week it was brought to my attention the importance of the $2.50 support level. we broke through that without a thought. Didn’t even put up a fight.
Another comment pointed out the purple trend line. It was tested last week and held. Although it is being tested now at the beginning of the new weekly candle. With the downward pressure now on bitcoin and the crypto market in general, I just don’t see this holding either.
MACD is bearish. Volume is red and unimpressive. I would not be a buyer now.
Thanks for listening.
satoshmike
I am not a professional trader, investor or adviser. This is not, in any way, financial advise. Always do your own research.
I'm feeling okay about Link at the moment. I'm feeling comfortable that the BTC bottom is in, or at least very close to it. Link respected the trend line we talked about on one of your previous posts so far. I had sold at 2.70 and bought back in yesterday at 2.25, which was a little early but I'm okay with it