(NFA/DYOR) Make or break for LINKUSD?

Well, after a strong rejection from $3.00, $2.00 is holding thank goodness, and we've seen a good uptick in the past few days. However, we are not out of the woods yet, and where our current weekly candle closes will be a big tell for the next few weeks of price action. Firstly, above all else, SOME kind of green candle here is important if we are to find a “bottom” amongst the past month of price action. That said, I wouldn't feel too much optimism unless we get a lot closer to a real bullish engulfing and close above the previous red candle's open, that being at or JUST under $2.17 or so. Better case scenario would be a close above about $2.23, closing above the red candle before the most previous, AKA the one that came after our 23% fall. I hesitate to say “best” because best case is always a sharp shot to the moon, am I right? Anyways, if we close out at the end of December 16th at or above $2.17, and ESPECIALLY at or above $2.23, that would be the first major hurdle to start turning the indicators more and calling this a true “higher low” (compared to the low in late September). If we arrive at Christmas Eve with yet another strong green candle on the board, we would really solidify the yellow diagonal line I drew as a support line and could be making a good case for some bullish activity heading into January and beyond, with $2.50 being the next major test. All of that said, if our current weekly candle closes below $2.00, a return to our previous September lows of $1.50 to $1.75 wouldn't be out of the question.

I'm not as experienced with TA as some of you, and I try not to get fancy with 31 different Fibonacci whatevers all over the chart because I feel like for others like me a crowded chart looks intimidating. I try to keep things as simple as I can for ease of reading and as to not outsmart myself and stick with some easier to grasp fundamentals.

Any feedback is appreciated!

Comment:

WELP. Sometimes it sucks being right.