A CHAIN is only as strong as its weakest LINK (Short-Term view)
My previous idea for LINK proposed that it would rise toward the upper resistance of the channel (see below) and indeed it moved toward it for a good profit.
LINK is now facing local resistance at ~27.55 and if we move to the 1h timeframe, we can see it rejected this area multiple times and has made a slightly lower high.
Depending on your risk appetite this can be interpreted in different ways but due to the conditions we are currently in, a cautious approach may limit poor decisions.
With LINK being one of the few fearless altcoins even with BTC falling, it is only a matter of time until it also feels BTCs power. I think we may have a rejection from the current area toward the green support at ~22 based on the resistance, RSI and BB's. As LINK approaches the support area it is a good idea to zoom into lower timeframes to look for buy setups.
Of course, LINK can continue to rise within the channel if BTC begins to recover and turn its new resistances into supports again but that seems unlikely for now.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!
LINK is now facing local resistance at ~27.55 and if we move to the 1h timeframe, we can see it rejected this area multiple times and has made a slightly lower high.
Depending on your risk appetite this can be interpreted in different ways but due to the conditions we are currently in, a cautious approach may limit poor decisions.
With LINK being one of the few fearless altcoins even with BTC falling, it is only a matter of time until it also feels BTCs power. I think we may have a rejection from the current area toward the green support at ~22 based on the resistance, RSI and BB's. As LINK approaches the support area it is a good idea to zoom into lower timeframes to look for buy setups.
Of course, LINK can continue to rise within the channel if BTC begins to recover and turn its new resistances into supports again but that seems unlikely for now.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!
