Update - A Weak LINK In The Chain For The Bulls

Updated

So this chart started out with just my two white trend-lines, and after drawing them I realized that there is also an Inverted H&S along my resistance line. I seem to be finding these a lot lately and I'm kind of questioning their reliability. I think this is going to come down to which trend-line breaks first and confirms its H&S. If we break down it's possible $2.50 could save the day, but I personally don't feel another test of that area alone will hold us up. The RSI levels are all fairly neutral, but the bigger the time-frame the more room we have to fall, and that is why I think the H&S(not Inverted H&S) is more of a threat. If we move up I still feel a re-test and break of $2.88-89 is also key to moving even higher.

I have personally been bullish during this consolidation, but the closer we get to $2.50 again the more concerned I become for that scenario. Though we can still very easily hold support and break the overhead resistance to head back towards $2.76-.79. We'll just have to wait and see. I'd recommend stops just under the resistance line or under $2.50 if you want to risk a little more for the potential pay.

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I apologize for the white thumbnails on my ideas. I got in contact with support and found the issue was being caused by a VPN browser extension.

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Just formed our first support at $2.678. If you want to be safe place a stop right under this level. Ideally we won't break it before breaking $2.79.

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Well BTC just broke out and now LINK is falling back under that support. Weird price action. Keep your stops under the major support line IMO for now.

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Looking like a rejected Inverted H&S and now we're flirting with the original bearish H&S support line. If we break the support line and our $2.62 support that's probably what the majority is waiting on. A flush to $2.52 could very well follow.

Something to note as far as price correlation is concerned; is that when BTC made its move up LINK really didn't get any good upward price action from it. Though as BTC corrected down LINK did. LINK showing more signs of bullish weakness?

Dtradess

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