With the major crash few days back, the near term and long term charts have turned bearish. With this cycle looking similar to the one in 2013 (for BTC), we should have several months of consolidation for both BTC and altcoins before a quick pump to the true market cycle top.
For LINKUSDT, the Red RSI is going to cross below the 50 level, the blue LSMA is turning down. The Green Line is not showing any signs of turning up yet. There is quite a lot of room especially for the Red RSI to fall until the low levels (below 30 or so) before a potential reversal.
Same for the 6d timeframe, where the Green Line has fallen significantly. The Red RSI and Blue LSMA has turned down. The White Energy is showing no signs of exhaustion yet, indicating that there is still possibility for the price to fall lower.
Both timeframes are indicating downward pressure at the moment.
If the selling pressure remains strong, there is a chance for the price to continue falling to the lower Green Trendline of my pitchfork, in the 17 USDT region. Else, the bottom could be where the price have fell to (around 21 USDT) few days back, and we will consolidate around this area between the Pitchfork trendlines for a few months, before the reversal happens.
In terms of swing trading, it would be better to look for short opportunities now rather than longing. For investing, dollar cost averaging into these areas (from 17 to 25 USDT region) is definitely beneficial for the long term.
Do you think this will pullback below $20 again? Thank you.
IvanYG
⋅
@JetSetGo, this will depend on BTC's price action the next few days, and we will need a daily close below $21.5 for a higher probability to retest $17. Daily timeframe is starting to show signs of bottoming but longer time frames like 2d and 3d still has quite some room to fall.
JetSetGo
⋅
@IvanYG, Lower timeframes looks like it's going to pullback, soon. Looking forward on your next update. Thank you!