CHAINLINK 🟩🟨🟥 Marines + China + Blockchain. Need we say more?

💬Chainklink ($LINK) has had some bullish news recently as word spread that China’s Blockchain Service Network (BSN) integrating Chainlink’s oracle service.

Despite the bullish news, LINK also just recently hit resistance and moved lower as the broader market dropped today.

Let's take a look at some levels for LINK to get a sense of how the current correction might play out.

Hit that button to show support for the content!
Help the community grow by giving us a follow



-----



Support:

• S1: The S1 orderblock formed from price inefficiency on the way to the previous all-time high is the first support for the LINK Marines to hold. A reaction here and then a retest of R1 is a likely scenario.
  
  
• S2: The S2 S/R flip and orderblock cluster is a logical level to hold if S1 can't. There is some solid support here and we expect to see a major reaction if this level is tested.
  
  
• S3: The S3 orderblock is the last hope for the bulls. While ideally this isn't tested, a move lower breaks the uptrend, and S1 - S3 failing show weakness. The Marines need to defend this level, but bulls generally need to be cautious here.
  
  
  Resistance:
  
• R1: The R1 all-time high is the most logical point of resistance. This was the level LINK just got rejected at, and it will almost certainly come into play again. What the bulls want, and what the bears don't want to see, is a breach of R1 with support found on it from above.
  

-----



Summary:
There is nothing wrong with a corrective move in a bull run, healthy corrections are not just normal, they are necessary. No better time to pull back than when the whole market does.

With that said, the LINK Marines now need to defend support while ensuring they ultimately move past the All-time high and find support on R1 before heading higher.


Resources:
cointelegraph.com/ne...es-chainlink-oracles