Chainlink has been working inside of this channel for a few years. If we turn that blue support into a resistance, we could see a wick down to the bottom of this channel. A drop of around 84% from the top. Last time we hit that support was March 12th of last year.
Comment:
As expected, we have now broken the blue support. As of now, I expect to see a failed attempt to regain support then a monstrous drop to the channel bottom.
Trade active:
We now saw a rejection trying to regain the blue support. As long as we stay beneath it, this has the potential for a death drop to the bottom of the channel.