Is on a tear, but it seems like LINK's uptrend could be interrupted before it continues advancing.
Since mid-December 2018, Chainlink went through an exponential bullish impulse that saw its price increase nearly 25-fold.
When looking at LINK's 1-week chart, it looks like the TD sequential indicator was able to time the correction that began in early July as well as the recent upswing.
Chainlink is currently on a green two candlestick per the TD sequential indicator and trading above the 7-week moving average.
These two factors can be interpreted as evidence that LINK has a high probability of a continued surge.
Based on the 3-day chart, the 61.8 percent Fibonacci retracement zone was able to contain the price of LINK from a further decline.
Chainlink has indeed bounced off this zone and regained the 50 percent Fibonacci retracement level as support.
Now, this cryptocurrency could try to test the next level of resistance given by the 38.2 percent Fibonacci retracement area that sits around $3. Nonetheless, LINK has already skyrocketed more than 100 percent in the last two weeks since it hit a low of $1.47 on Sept. 24.
Under these time frames, the TD sequential indicator presented a sell signal estimating that a retracement is underway.
If validated, the selling pressure behind LINK could increase taking it to test the 50 percent Fibonacci retracement level or even the 100-day moving average that is currently trading around $2.25.Overall sentiment.
Chainlink up 100% but signals a correction before further advance
Published on Oct 9, 2019
by Cryptoslate | Published on Coinage
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