Hello everybody, Chainlink closed bullish yesterday as it is following Bitcoin’s footsteps. Right now we can see a bearish movement towards our support level, but it still has room to decline. LINK will see a bullish impulsive move with the next bullish move from Bitcoin but for now, we should wait for the reaction to support level at $24.50.
Levels to Watch:
- Monthly resistance at $38.3
- Weekly resistance at $34
- Daily support at $24.5
- Point of control (from 250 bars) at $34 (resistance)
- Point of control from the previous day at $27 (resistance)
Initial Balance
Trading Range in the first hour of the session is very low which indicates less interest in transacting at that level and also it increases the likelihood of a trending session. The low volume in the first hour of the session is very low which also means that there is less interest at that level. Daily open is near IB Low which means that there is a higher probability of an up-trending session, but I wouldn't consider it because trading range is very very low. We can see that price after the first hour of trading session moved down 3% because there was no interest at the previous level.
General Thoughts
I would expect price to move down to our daily support at $24.5 and hold this level. LINK is simply waiting for Bitcoin to reverse to get the market's confidence back. For now, it is better to wait for the strong move, but if you are a holder it is great opportunity right now to buy and hold :)
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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.
Hope you found today’s article helpful. Have a nice day :)
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