What Is Happening With Chainlink?

The last four days closed red on the LINKUSDT trading pair.

A common signal across all pairs showing top potential is the decreasing volume as new highs are hit. The decreasing volume is accompanied by a bearish divergence with the RSI; somethings weak, sometimes strong. In the case of Chainlink, the divergence is four months old.

Just closing below EMA10 changes the potential from bullish to bearish.
Closing below EMA21 confirms the short-term bearish bias.
Yesterday, LINKUSDT closed below EMA21 and before yesterday below EMA10.

Finally, we have a rounded top pattern and this can indicate that the top is already in place.

Patience is key.
We buy low to sell high.

Namaste.

Kommentera:

A major portion of the correction is yet to materialize.
A long-term H&S pattern (weekly) is now in place.

The same targets as projected in Feb. are still valid today.

Kommentera:

Notice the dark line... This is the support level.
This level is being attacked since November 2023.
The more it is attacked, the weaker it becomes.

When it breaks, the drop should be as big as the rise on the left side of the chart (mirror image).