LINKUSD Short - 7.5%/12%
Updated
ChainLink is setting up for further price correction after price discovery found an all time high at $8.89 and then retraced to the .786 fib just above $8.00. Bulls are now struggling to hold support.
Price action indicates further retrace to the 0.382 fib ($7.37 - 7.5%) and then on to the 0.5 fib ($6.90 -12%).
Downward actions supported by falling RSI on 1hr/2hr/4rh/24hr time frame and distribution shown in falling CCI/OBV on the same time frames.
Traders can enter or short position now or attempt to maximize gain by waiting for a potential shoulder to form with one last retesting of the .236 fib and $8+ levels.
Disclaimer: Not trading or financial advice.
Price action indicates further retrace to the 0.382 fib ($7.37 - 7.5%) and then on to the 0.5 fib ($6.90 -12%).
Downward actions supported by falling RSI on 1hr/2hr/4rh/24hr time frame and distribution shown in falling CCI/OBV on the same time frames.
Traders can enter or short position now or attempt to maximize gain by waiting for a potential shoulder to form with one last retesting of the .236 fib and $8+ levels.
Disclaimer: Not trading or financial advice.
Note
There should have been a better shoulder to short than this, but it looks like this might be playing out now.Note
Link bulls putting up a fight. Price came 2% from the $7 dollar target an bounced back to the .236 fib. Partial profits here.Note
More downward action here. Back below the .382 fib and prevailing support trend line. Another opportunity to take some profits asprice approaches the $7.00 TP.Trade closed: target reached
Target hit. $6.99Note
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