We Need to Hold the 21 Weekly EMA here
Updated
A few observations on Chainlink.
1) We have been above the 21 weekly EMA for most of the year. We've been consolidating on top of it again this last 2.5 weeks. The Stoch RSI is dropping and will need another 2 weeks probably before it would bottom out. You can compare previous dips and the Stoch RSI for yourself.
2) Sell volume from BTC's drop today does not look disturbing. Yet. If we lose the 21 ema and close below it on the weekly I suspect that would change.
3) I've marked my two lower ranges to watch if we do break down. I'm a long term investor looking to add on steep dips, so I am not looking for sell targets on the downside or upside.
I'll post a LINK/USD chart below to show a few things there.
1) We have been above the 21 weekly EMA for most of the year. We've been consolidating on top of it again this last 2.5 weeks. The Stoch RSI is dropping and will need another 2 weeks probably before it would bottom out. You can compare previous dips and the Stoch RSI for yourself.
2) Sell volume from BTC's drop today does not look disturbing. Yet. If we lose the 21 ema and close below it on the weekly I suspect that would change.
3) I've marked my two lower ranges to watch if we do break down. I'm a long term investor looking to add on steep dips, so I am not looking for sell targets on the downside or upside.
I'll post a LINK/USD chart below to show a few things there.
Note
LINK/USD We broke through the 38 EMA on the weekly today. I'll be watching to see if this can pull up and regain at the weekly close. If BTC breaks down further then I expect Link will have a steep correction....unless it does what it has done in the past and ratio up against BTC on BTC dips. We haven't been doing that as much recently though.
I'm not providing trading levels because I am not trading this token. My goal is to continue to accumulate at the best prices for staking when the time comes.
Note
Note
I meant to mention the Stoch RSI on the USD weekly chart. We are bottoming. This is one positive sign. A breakdown could be bought up fairly quickly.
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