We've had a good run on LINK. More pumping would be quite insane from my point of view considering how well it performed within the last year, but anything's possible of course considering how bullish LINK remained in the last days. I expected more pump breaking through the ATH, that's suspicious to me. It reminds me a lot of LINK when it was still in the 4$ range and the second pump was slightly higher than the first, only to be followed by the drop to 0.
On the daily, you can see that we possibly are forming a bearish divergence. Higher highs, but the RSI is falling.
It's also not a good sign, that on the weekly we have a hanging man (although it's a fairly bullish one). We have seemingly reached the top, for now. It looks quite similar to an elliot wave actually (not that I care or trade those patterns), 2nd wave was higher, 3rd wave was pretty small. Reversal incoming?
If we drop, my long entry would be around 12-13.
Seeing how everyone's long, a long squeeze could be possible.
Seeing how everyone's long, I'm sure everyone is also going to call me crazy :D.
We should know within the next few days if we can still push higher or there will be a sharp drop. We've been fighting the MAs in a consolidation phase for quite some time now. LINK's not yet giving up, so either big bounce up hard pretty soon, or a sharp drop incoming.
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LINK is testing the support of the consolidation period right now. If the support range can't hold, we can assume a short position as valid.
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Consolidation support is broken. We have one more small support before we are likely to go down to at the very least 20, where a bounce back up could be possible again.
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Well, that escalated quickly :) The last support in the consolidation range has already been broken. It could still hold. I'm off to bed, I expect this to break down to 21.15 where the last reasonable support would be for a short-term reversal.
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Woke up like this: We're close to breaking the current support. I am assuming the 21-ish support will be tested within the next 4 hours, possibly already next hour.
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We're close to testing the 21 support now. LINK is more bearish than BTC, it seems it's trying to align with BTCs previous movement, which it didn't stay in sync with due to the extreme bullish outbreak. We've seen this twice in two days now, that LINK dumps more than BTC or dumps unexpectedly at BTC pumps.
BTC is soon retesting the recent low. If this holds, I expect LINK to roughly reverse at 17. Otherwise, 12-13 area like I predicted, if BTC has a major further dump.
My thought has been how much lower could they push link down .002580 so I bought some.
AndreasGalster
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@Ron6, Good luck to you! I suppose if a drop is incoming, the interesting thing to watch is if we break through the potential uptrend trendline or just bounce back up.