ChainLink / TetherUSUpdated LINKUSDT Short Term Update
Our short term price correction for the market MAY have started today.
In the 45min and 90min timeframes, the White energy is already above the Green Line, indicating downward pressure.
The Red RSI has also crossed below the 3h and 6h timeframes, triggering the race as to when we can predict downward pressure to end.
As of now, to conclude that downward pressure has ended, we will need:
-the White Energy in the 6h timeframe to come up and close above 50 BEFORE the Red RSI in the 12h timeframe crosses below 50; and
-the Green Line be above the White Energy AT LEAST in the 45min and 90min timeframe (BEST if also in the 3h timeframe)
Lastly, to predict where price action MAY potentially fall to in this period of downward pressure:
As shown above, the price only managed to push to the top range of my 1.414 Fib Level at 36.9 before falling.
I am looking at price POTENTIALLY falling to somewhere between the UPPER range of my 0.786 Fib level and the LOWER range of my 1.0 Fib level (Between 23.77 to 26.58 USDT).
Of course, there is no guarantee that it will fall to these levels, but it looks quite likely to me (at least for now).
I am labelling this post as neutral for now as I do not recommend shorting in a bull market.
Only look for GOOD entry prices.
In the 45min and 90min timeframes, the White energy is already above the Green Line, indicating downward pressure.
The Red RSI has also crossed below the 3h and 6h timeframes, triggering the race as to when we can predict downward pressure to end.
As of now, to conclude that downward pressure has ended, we will need:
-the White Energy in the 6h timeframe to come up and close above 50 BEFORE the Red RSI in the 12h timeframe crosses below 50; and
-the Green Line be above the White Energy AT LEAST in the 45min and 90min timeframe (BEST if also in the 3h timeframe)
Lastly, to predict where price action MAY potentially fall to in this period of downward pressure:
As shown above, the price only managed to push to the top range of my 1.414 Fib Level at 36.9 before falling.
I am looking at price POTENTIALLY falling to somewhere between the UPPER range of my 0.786 Fib level and the LOWER range of my 1.0 Fib level (Between 23.77 to 26.58 USDT).
Of course, there is no guarantee that it will fall to these levels, but it looks quite likely to me (at least for now).
I am labelling this post as neutral for now as I do not recommend shorting in a bull market.
Only look for GOOD entry prices.
Note
The price level dropped to a low of 25.2 USDT, exactly within my predicted range. Hope everyone managed to enter at a good price!I am looking at price to maintain support around the 27-29 range at the moment.
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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.