LINK at the mid-range - A rebound or a likely breach?
For the past 3 weeks, LINK traded in a range with extremes at $6.2 and $6.8. The range high aligns with a critical former support level in late March/April.
The range-low coincides with a bullish OB (white) on the 4-hour chart formed on 12 May.
A possible rebound at mid-range could see LINK rally to the range high of $6.8, especially if BTC reclaims $28k.
But, the mid-range of $6.5 could be breached and a retest of the range low/bullish OB could be on the cards if BTC dips to $26k again.
The range-low coincides with a bullish OB (white) on the 4-hour chart formed on 12 May.
A possible rebound at mid-range could see LINK rally to the range high of $6.8, especially if BTC reclaims $28k.
But, the mid-range of $6.5 could be breached and a retest of the range low/bullish OB could be on the cards if BTC dips to $26k again.