ChainLink / TetherUSUpdated LINKUSDT Downward Pressure Continues
Downward pressure is still present for LINKUSDT in the short term timeframes (90min, 3hr, 6hr, 12hr) as the White Energy is above the Green Line.
In the 2d timeframe, we can see that the Green Line is currently at level 19.7, which increases the risk of the price falling to somewhere between the LOWER Orange and Aqua Bollinger Band (15.6 to 19.86 USDT).
This is further confirmed in the 3d timeframe, where the Green Line is also already below the 50 level and looks like it will continue to fall. I will not be surprised if the price falls to the LOWER White BB (16.7 USDT) before a rebound.
This price corresponds to my 0.5 Fib level from 16.92 to 17.76 USDT as below:
Of course, we may also simply continue sideways here for a while until downward pressure exhausts and we see a reversal in price action.
Conclusion: Current analysis for LINKUSDT points out that price action will be sideways AT BEST and downwards AT WORST.
In the 2d timeframe, we can see that the Green Line is currently at level 19.7, which increases the risk of the price falling to somewhere between the LOWER Orange and Aqua Bollinger Band (15.6 to 19.86 USDT).
This is further confirmed in the 3d timeframe, where the Green Line is also already below the 50 level and looks like it will continue to fall. I will not be surprised if the price falls to the LOWER White BB (16.7 USDT) before a rebound.
This price corresponds to my 0.5 Fib level from 16.92 to 17.76 USDT as below:
Of course, we may also simply continue sideways here for a while until downward pressure exhausts and we see a reversal in price action.
Conclusion: Current analysis for LINKUSDT points out that price action will be sideways AT BEST and downwards AT WORST.
Note
Currently, in short timeframes (11min, 22min and 45min), the Green Line is now above the White Energy. It is also looking like the Green Line in the 90 min wants to go above the White Energy. This is bullish, however, do be aware that White Energy is still higher than the Green Line in the 3hr, 6hr and 12hr.Note
I am still seeing a probability of the price falling to the LOWER White BB in the 3d timeframe (Currently at 18USDT). If the price of BTC continues to drop, this will most probably happen as BTC's price often affects the price movements of the crypto market.
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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.