Chainlink just hit the 4.236 Fibonacci extension level when measuring the big sell off we had in March. This weekly chart shows price action is outside a standard deviation move on the Bollinger bands which suggests a pull back to at least the mean line. While the RSI is in over bought territory, we are creating higher highs.
My opinion: This leg up could keep going a little bit with the RSI looking strong but it looks due for a pull back after this leg up runs out of momentum. This doesn’t have to be a sell off and could come in the form of longer consolidation while the indicators catch up. If you missed you chance to get in, you will have a better chance in the future. Even if it consolidates and doesn’t lose fiat value, you should still able to reduce your risk on the position with fresh indicators by waiting a little bit to enter.
My opinion: This leg up could keep going a little bit with the RSI looking strong but it looks due for a pull back after this leg up runs out of momentum. This doesn’t have to be a sell off and could come in the form of longer consolidation while the indicators catch up. If you missed you chance to get in, you will have a better chance in the future. Even if it consolidates and doesn’t lose fiat value, you should still able to reduce your risk on the position with fresh indicators by waiting a little bit to enter.