ChainlinkLong
LINK Momentum Selling Over.
I am a relatively new trader, so I hesitate to post an analysis, but I believe I can shed some light on what we are seeing with LINK. I remember seeing this pattern before. A sharp low is set, that low is tested again, then momentum takes over. Only to see momentum buyers punished for not buying the very bottom. As I see it, the selling we are seeing now is punishing those who bought the recent momentum that took LINK to $23. But I believe the selling is starting to become exhausted as the $18 price level has held strong thus far. Staying focused that the trend line from this summer's low doesn't break, LINK may be free and clear to run higher. Look for the momentum high around $23 to break in the next few days. From there, the path should be top of range into the mid 30s.
Reagen Dykhouse
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Reagen Dykhouse
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.