ChainLink LINKUSD Long Term Resistance and Bull Trap, Part 2
A follow up on the previous analysis. As we can see now, price moved slowly within that range with dropping volume AND not even able to touch that red zone. All signs that failed breakout was most likely real. At the moment it's t a small support zone, but think as soon as Bitcoin would drop to the 6600ish, this one will most likely drop to the green zone below it or even to the blue zone. If the H&S of Bitcoin will play out, it will most likely drop much more, even far below the blue zone on the right. Where i only see 2.40ish as a real support zone.
3.30ish is a key level for the bulls to break from now on. As long as we stay below it, bearish price movement remains. I have also drawn what looks like a channel. Goes without saying, that as long as that one doesn't break, it's very bearish. Would that channel break, doesn't mean it's bullish, but means that the bulls might make an attempt. So in other words, if that channel would break, depending on how strong the breakout will be, we can say if it might turn bullish or simply remain bearish. As i have tried to illustrate with the red line, a small weak breakout (with low volume), it prob just a weak attempt from the bulls which will result in another drop. What bulls want to see, is something like the green line, so a much more convincing move up
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Previous analysis:
3.30ish is a key level for the bulls to break from now on. As long as we stay below it, bearish price movement remains. I have also drawn what looks like a channel. Goes without saying, that as long as that one doesn't break, it's very bearish. Would that channel break, doesn't mean it's bullish, but means that the bulls might make an attempt. So in other words, if that channel would break, depending on how strong the breakout will be, we can say if it might turn bullish or simply remain bearish. As i have tried to illustrate with the red line, a small weak breakout (with low volume), it prob just a weak attempt from the bulls which will result in another drop. What bulls want to see, is something like the green line, so a much more convincing move up
Don't forget to like if you appreciate this :)
Previous analysis:
