One of my favorite crypto projects in general and of the only with REAL WORLD use cases, CHAINLINK ( $LINK ) is potentially looking at more downside, retracing back to previous levels. Let’s dive and see what’s going on with the “Oracle” of crypto.
History doesn’t repeat itself but it sure does rhyme and $LINK looks to be spitting hot fire. (Dylan?) It has seen a pretty good rise to the 7.06 area but has double topped that area twice in similar fashion to October 17th.
* Overall trend is down
* Double top like motion which has also broke the upper Bollinger Band
* Similar RSI levels as October 17th
* Expected landing point will be back around the 6.65 for a potential bounce.
* Expecting a break below the 20 MA (yellow line) in similar fashion as previous
If you are expecting a SHORT TRADE, I would place your STOP LOSS above the upper Bollinger Band and farthest resistance line, 7.110. Take profit around the 6.70 area which is slightly above the initial support of 6.657 for safety and so it hits. If you are a HODLER of $LINK, stay patient and you may get it cheaper.
Not financial advice. Hotep & Build.