In the midst of BTC sideways (9300-9000), LINK has shown great performance and reaches a new high. On the 4H chart, I discover a divergence between LINK price and RSI, and I think there is a possibility of an H&S forming.
Hence I am thinking of taking a short with a setup of E:8.22 SL:9.079 TP:7.1
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The volume is diverging too and by book, H&S will be playout with the decrease of volume as the H&S forming.
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LINK uptrend seems to come to consolidation, the 8.275is area serve as the support, let's wait for strong bearish candle to close below it before taking short.
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The drop has started
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We have broken the previous support 8.4, it is the time to break 7.8.
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As long as Chain doest regain it strength, 6,8 is possibke
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Another drop
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I could see LINK would testing 7.0 soon
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We are on the 2nd last support of ChainLink from the last upward movement. And from the RSI we could see a pullback has occurred, the possibility for RSI to rise, for those who want to BUY now is the chance. The current drop in price is needed ChainLink has gone to far and needed to be corrected.
For those following this signal from the beginning (8.2is area or higher) Remember to Take Profit, dont let your greed control you.
Trade closed manually
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I am sitting out of this trade now.
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If RSI could hold its position, I will post a Long Setup ASAP
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I think the price will go Sideways, so don't worry we won't miss the next bull run
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LINK cloud be ranging between 7.6 and 7.1 STAY ALERT
@rassulophoto, Theorically yes, It just got rejected heavily from 8.897, The RSI use to measure the strength of the trend, and as RSI getting weaker it could be indicating the trend is getting weak.