ChainlinkShort
Chainlink: Sellers Gain Upperhand
Updated
Sellers have now gained an upper hand over the buyers and
we should now see price move down to support levels. There
is about a 75% chance we are headed lower.
The bar on March 20th was a low volume buy bar which was an
indication buyers were losing steam and a possible reversal was
now set. Price finally broke the low of the March 21st bar which
was the last straw and now buyers are having to get out of
their positions, especially after a triple test of the $31.39
resistance level.
I expect price to go down and test the $26.50 resistance level
and possibly even the $22 level or even lower. We'll see
what the next few bars bring!
Note: I got out of my long position on March 20th.
we should now see price move down to support levels. There
is about a 75% chance we are headed lower.
The bar on March 20th was a low volume buy bar which was an
indication buyers were losing steam and a possible reversal was
now set. Price finally broke the low of the March 21st bar which
was the last straw and now buyers are having to get out of
their positions, especially after a triple test of the $31.39
resistance level.
I expect price to go down and test the $26.50 resistance level
and possibly even the $22 level or even lower. We'll see
what the next few bars bring!
Note: I got out of my long position on March 20th.
Note
I do not have a short position in Chainlink. Going long is still the better trade in my opinion once the price gets cheaper at a logical price level with volume as a guide.
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