The weekly technical chart of LINK Price forecast a bearish momentum.On coming to the daily chart LINK price has given a negative crossover from the 50 Moving Average .Chain Link price is below the 50MA and above 100MA.The 50MA (Red) line is at $28.98 making it temporary resistance for the coin.Resistance for the coin on going upside is at $30 and on the down side price can see a bounceback from 20.LINK has formed an accumulation zone on the shorter time frame.If the price breaks down 10% below the accumulation zone then a strong bearish momentum can be seen.LINK/BTC pair can also see a downtrend in upcoming trading session. Kindly Comment Your Thoughts Below
Looks like we had support around the $27 mark but it blew right through that down to $24.80-ish with candles even touching the $23.70 mark. The entire market seems to be having a tantrum at the moment. BTC dipped to almost 50K as well and unfortunately, a vast majority of tokens are in lockstep with BTC. I think it peaked right around Feb. 20th and has been trending downward since then. For most coins, right now is a good time to scalp and day trade for quick profits. I'm not really long on anything right now but I'm definitely a bit behind the eight-ball on a few. Stop losses are your friend if you're going to be active in this market right now. It's been a bit tough reading the fundamentals and many of the technical assessments I've seen haven't panned out as planned either.
Thanks for your chart. I'm in strong agreement and think we may have a big accumulation zone coming up soon. If BTC dips below 50K, it might be a free fall to 40K. That's all crystal ball territory though and so, as I said, I'm trying to focus on day trading and scalping right now.
Best wishes with all of your trading and best wishes to all of my fellow traders!! Stay in the green!!
tcr_thecoinrepublic
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@harpazo, Thank for ur insight, and yes I think market is throeing a tantrum
Thanks for your chart. I'm in strong agreement and think we may have a big accumulation zone coming up soon. If BTC dips below 50K, it might be a free fall to 40K. That's all crystal ball territory though and so, as I said, I'm trying to focus on day trading and scalping right now.
Best wishes with all of your trading and best wishes to all of my fellow traders!! Stay in the green!!