Chainlink to sink 50%On the above weekly chart price action has rallied 300% from the lows. A number of reasons now exist to exit long positions. They include:
1) Support and resistance. Ever since price action broke market structure (look left) price action has been in a downtrend. At this time price action climbs to the broken structure area and finds resistance.
2) A weekly bearish engulfing candle prints at resistance.
3) Bearish divergence. A higher high in price action is met with a lower high in RSI.
4) Past resistance is yet to confirm as support before higher highs print. That resistance is around $8 or a 50% correction from current levels.
Ww
