Chainlink: Sellers Got Smoked
So the sellers were only able to take price down to 23.75 on March 24th.
Then price went up to the 21 day EMA and went right through it going
up to test the resistance around 31.00.
This has challenged many of the sellers with short positions and now many of them have
bailed out. When I saw this, I personally went long on April 4th buying Chainlink at a price around $30.63.
The weekly chart looks very bullish which also gave me more reason to go long
somewhat close to resistance.
On April 4th, the daily chart printed a churn bar which is a cyan color on this chart. This
indicates big players stepped in. Price went above the high of this bar on April 5th and 6th which
indicates there was enough demand and supply was bought up. This indicates prices will go higher
for the time being and most likely will test the high of 36.92.
We'll see what tomorrow's bar brings!
Then price went up to the 21 day EMA and went right through it going
up to test the resistance around 31.00.
This has challenged many of the sellers with short positions and now many of them have
bailed out. When I saw this, I personally went long on April 4th buying Chainlink at a price around $30.63.
The weekly chart looks very bullish which also gave me more reason to go long
somewhat close to resistance.
On April 4th, the daily chart printed a churn bar which is a cyan color on this chart. This
indicates big players stepped in. Price went above the high of this bar on April 5th and 6th which
indicates there was enough demand and supply was bought up. This indicates prices will go higher
for the time being and most likely will test the high of 36.92.
We'll see what tomorrow's bar brings!
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