LINK (Y20.P2.E3).Micro.Level.Bearish

Hi All,

Observations:
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For the short term, we see many indicators with bearish signals on the daily.
Price is convergent on the daily... +ve
Price headed for the next fib. level on the Macro channel
MACD has bearish momentum in the shorter time period
No divergences detected

Thoughts:
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We can see how a pullback to the previous resistance (ATH) which can now act as support.
We can see how it fits into the overall fib. level of the macro channel, as support
We can expect this area to have a bounce but with some initial sideways movement until it hits the channel trend and gain momentum.
Just like BTC, we will ease slowly into the support level. And just like BTC, we should see LINK shadowing its movements.

Please don't forget to give me a tick\like, as I would appreciate it.

Regards,
S.Sari
(for my reference > Macro.charts)

Note ribbon on the daily, 21 and 34 EMA

Note, daily RSI approaching previous bounce area in the previous uptrend

Other indicators

MACRO target

Previous MACRO post

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Its hit the target, now can it hold...similar to ETH and also BTC

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BTC on the 4 HRLY, bullish div. is a good start

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update on Link...strong support area and its one area worth placing a order. The next level below is also possible however we need to see how high of a bounce this one can turn out as its in line with a strong BTC support area as well. BTC might go sideways and hence LINK goes up. If BTC then pulls back more towards the 8200 area which is likely, Link might pullback, back to this strong support area. Hence why I think its a good area to enter because Fib level, MA, volume profile, and trend line all have confluence to this point\level

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Current status

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Another perspective.

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