LINK/USD on it's way to flip previous range-high into support?
LINK has it' s monstrous break-out of the long-term formed trading range, following recent Alts rally and BTC chop price action for weeks.
Is it over and we're due to a solid correction or we're up for another leg higher?
Key things to look at:
- RSI 1D HTF is oversold (however, I never use it as a main indicator)
- we had extremely quick breakout of the trading range tasing without proper S/R flip at range highs
- BTC.D is falling, BUT if BTCUSD Distribution will be confirmed in the next couple days and we'll have a big expansion out of the current long range all the alts will follow
- There is a big area of interest above the previous range highs.
- First trouble area on the way down could be at 5.50$
I'm personally short at 6.41$. Will be looking to add to my shorts if we close below 5.50$ and flip it.
Is it over and we're due to a solid correction or we're up for another leg higher?
Key things to look at:
- RSI 1D HTF is oversold (however, I never use it as a main indicator)
- we had extremely quick breakout of the trading range tasing without proper S/R flip at range highs
- BTC.D is falling, BUT if BTCUSD Distribution will be confirmed in the next couple days and we'll have a big expansion out of the current long range all the alts will follow
- There is a big area of interest above the previous range highs.
- First trouble area on the way down could be at 5.50$
I'm personally short at 6.41$. Will be looking to add to my shorts if we close below 5.50$ and flip it.
