Chainlink Technical Analysis: $LINK Cryptocurrency
Chainlink just hit the 4.236 Fibonacci extension level when measuring the big sell off we had in March. This weekly chart shows price action is outside a standard deviation move on the Bollinger bands which suggests a pull back to at least the mean line. While the RSI is in over bought territory, we are creating higher highs.
My opinion: This leg up could keep going a little bit with the RSI looking strong but it looks due for a pull back after this leg up runs out of momentum. This doesn’t have to be a sell off and could come in the form of longer consolidation while the indicators catch up. If you missed you chance to get in, you will have a better chance in the future. Even if it consolidates and doesn’t lose fiat value, you should still able to reduce your risk on the position with fresh indicators by waiting a little bit to enter.
My opinion: This leg up could keep going a little bit with the RSI looking strong but it looks due for a pull back after this leg up runs out of momentum. This doesn’t have to be a sell off and could come in the form of longer consolidation while the indicators catch up. If you missed you chance to get in, you will have a better chance in the future. Even if it consolidates and doesn’t lose fiat value, you should still able to reduce your risk on the position with fresh indicators by waiting a little bit to enter.
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.