Apollo_CB

LINK contraction , bullish

Long
BINANCE:LINKUSDT   ChainLink / TetherUS
LINK is contracting huge on the price action as well as RSI. Volatility is slowing to a standstill and volume has dropped heavily. The 20 and 50 ema are riding right on each other. Combine all of these facts and what does this generally mean? Buyers and sellers are more and more unsure about placing limit orders further out from the current price. The volatility can only expand from here, these consolidations usually resolve in a big move. Since the longer term trend is your friend, I favor a bullish move here attempting the huge resistances I shared on the long-term chart. We are also seeing a potential end to a reverse head and shoulders here. The dashed greens are the historical resistances before the price action is way off to the races, 20 $. I am long.

Disclaimer

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.