Chainlink (LINK) Analysis | Weekly Timeframe

Chainlink (LINKUSD) is also one of the TOP/major altcoins within the market by capitalization and it doesn't look like it is going to go up.

There can be a bounce right away at support... Hold on, let's start from the beginning.

We are looking at the weekly timeframe/long-term chart for Chainlink vs the Dollar.

Prices are trading below EMA100/50/10.
A new high was hit back in May 2021 followed by lower highs.

The MACD is strongly bearish below zero and also below support.

Last weeks candle closed bearish after a rejection at EMA100.

This can lead to a test of the next important support level at around $12.38.

This is the Fib. retracement level 0.786 of the full bullish wave from March 2020 until May 2021.

If this level holds as prices drop, we can see a bounce (blue arrow).

After this bounce we can examine the chart again.

If the Fib. retracement level does not hold, we will see a strong crash... Maybe we will just see a long wick down and then prices start to grow, who knows...

But this is also part of the big ones, it is looking bearish like all the other ones.

Either something changes or we are getting closer and closer to the final flush.

The markets can always change.
I hope you are enjoying the content but keep in mind that I am only reading the chart.

Namaste.