The wave pattern is for illustration purposes only as the down-move can develop in any size or shape... Not once since September 2023 did Chainlink close 4 days red, until yesterday.
After peaking 28-Dec., the same day LINKUSDT closed red as well as on the 29, 30 and 31st of December, completing four consecutive days closing red.
The orthodox end/top of the bullish wave happened 11-November 2023, the rest is part of an irregular correction.
➖ 30-Dec. LINKUSDT moved and close below EMA10/21.
➖ 31-Dec. bearish confirmation takes place.
➖ The RSI moved below 50...
These signals point toward lower prices.
All the action happening near resistance is likely a distribution phase, this will only become true if a breakout is the next move.
The potential correction is clearly depicted on the chart.
Namaste.
After peaking 28-Dec., the same day LINKUSDT closed red as well as on the 29, 30 and 31st of December, completing four consecutive days closing red.
The orthodox end/top of the bullish wave happened 11-November 2023, the rest is part of an irregular correction.
➖ 30-Dec. LINKUSDT moved and close below EMA10/21.
➖ 31-Dec. bearish confirmation takes place.
➖ The RSI moved below 50...
These signals point toward lower prices.
All the action happening near resistance is likely a distribution phase, this will only become true if a breakout is the next move.
The potential correction is clearly depicted on the chart.
Namaste.
Note
The distribution phase has been confirmed based on the current breakout.We expect lower prices.
Thank you for your continued support in times of mania.
Note
Chainlink clearly trading below EMA10/21 daily, no recovery here.The 4H timeframe looks super-bad...
This reveals what is really happening with Bitcoin.
The same you see here, it is going there but since the bigger one has more attention, it is manipulated so that people think it will go up and not sell... Whales will unload on the masses and the bag holding phase is on.
Note
What happened to the hundreds of billions Bitcoin Spot ETF (The Merge) money coming into the market?It was all brainwashing media propaganda... Prepare for the crash.
Namaste.
Note
Nothing changes so far. LINKUSDT still moving within lower highs...
The bearish bias can only be invalidated on a new high above 17.7 (28-Dec).
Any trading below this level and the bearish potential becomes stronger.
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