The above 4-day chart printed a warning with yesterday’s candle. Following an amazing 6000% rise against BTC and overbought condition (green column)... there is now a bearish head and shoulders reversal pattern. Ideally price action will now rise to confirm resistance on previous support (orange line).
During July we saw bulls push through resistance to enter the mania phase followed by a ‘blow off top’. A blow off top follows a strong rally with falling volume, which is what we have now.
The weekly chart below has price action falling through the 21-ENA (yellow). Although the 50-week EMA (green) may offer some support, we’ll have to wait and see.
RSI 52 on the weekly is an important level for Chainlink, every time we cross to the downside price action falls. Circled in black we can see RSI is crossing down. This is certainly a bearish outlook for the near term.
Facts:
1) Price action broke through the 21-week EMA.
2) Price action then confirmed the 21-week EMA as resistance.
3) Weekly RSI breaks support.
Target? I’m expecting a 70% correction to 0.00022 sats
Weekly chart with RSI crossing below 52
During July we saw bulls push through resistance to enter the mania phase followed by a ‘blow off top’. A blow off top follows a strong rally with falling volume, which is what we have now.
The weekly chart below has price action falling through the 21-ENA (yellow). Although the 50-week EMA (green) may offer some support, we’ll have to wait and see.
RSI 52 on the weekly is an important level for Chainlink, every time we cross to the downside price action falls. Circled in black we can see RSI is crossing down. This is certainly a bearish outlook for the near term.
Facts:
1) Price action broke through the 21-week EMA.
2) Price action then confirmed the 21-week EMA as resistance.
3) Weekly RSI breaks support.
Target? I’m expecting a 70% correction to 0.00022 sats
Weekly chart with RSI crossing below 52
注释
50-day and 21-day cross down and through the 21-week moving average - very bearish I'm afraid.注释
Now both 21-week EMA and price action support trend line (orange line) become resistance.This is what a excellent leverage short opportunity looks like ;)
交易开始
826 days. That is the last time the weekly price action was under the 50-week moving average (green line). Look left.Should the weekly candle body close under the 50-week MA by tomorrow it'll paint a very bearish pictures for Chainlink in the weeks and months ahead. The bulls need to push price action above the green line in the next 12 hours or so.
There are far far better opportunities out there in my opinion.
交易开始
Down 50% already, another 50% to go until target.交易手动结束
Major upward move coming for Link in the days ahead.交易开始
Thought this idea was over - however the original head and shoulders continues to play out with price action forming a rising wedge. This is a bearish continuation pattern should price action confirm with a breakout from current support.交易开始
Rising wedge breaks down, -58% to go until target交易开始
Bulls be careful - on the weekly chart below price action prints a gravestone DOJI after it climbed to test the 21-week (yellow line) and 50-week (green line) EMA. This is very bearish.交易开始
A move up to the underside of the rising wedge may occur in the weeks ahead. This should not be mistaken for a trend reversal, however. Lower highs and lower lows continue to be printed.交易开始
Gravestone DOJI prints on the 4-day BTC chart. Price action has done nothing but fall against the BTC pair for 11 months now, I don't see that changing with the more recent price action printing on the chart below.注释
Price action is now rejecting the 100-week EMA (Cyan line). Look left. Previously the 100-week EMA was strong support, it will now be equally strong resistance, which will take months to recover from.交易开始
Almost a full year and Chainlink continues to bleed against Bitcoin. Is that set to stop? No. On the same 4-day chart price action with the oscillators continues to prints lower highs.I know there's a lot of bullish sentiment on this project, however the chart paints a very different picture. Got to be patient.
注释
Link / BTC has been awful throughout 2021. Yet there is as many 'long' ideas on tradingview today as there was months ago.Some facts of the 4-day chart:
1) The trend remains lower highs lower lows. Until that changes a long position is reckless.
2) Price action breaks out of price action resistance.
I've drawn two lines for bulls and bears. No action please until confirmation, otherwise it is gambling. A break above the blue line is very bullish.
A break below the red line is a break of market structure, which would be very bearish.
Be patient, don't try and guess what the market is going to do.
交易开始
A 4th heavy rejection from the 50-week SMA on the weekly at the same time market structure is broken.Another -45% to go until target. There's no guarantee price action will find support at this level. Be patient.
交易开始
Price action on the 2-week chart confirms rejection from the 100-week EMA (Cyan line). This will result in months of resistance.交易结束：到达目标
Kaboom - target reached
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免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。