LINK had yet another bullish move after consolidating in a range for a couple months. But this push higher could be different and may actually be bearish. Price action on LINK pushed above 2 previous heavy rejection areas. This doesn’t guarantee a reversal, but this is a great level to expect a large topside wick to be printed. If this weekly candle closes below the open ($18.16), that will be heavy confluence with the bearish idea being presented.
If we zoom in to the Day chart, we can look at some primary levels of interest, which are largely based on the range that LINK was consolidating in. If LINK breaks down from the first level identified ($17), I’d be looking for further continuation down to ($14). It is also worth noting that if a daily candle closes bearish, then there will be several instances of bearish divergence present as well.
LINK had yet another bullish move after consolidating in a range for a couple months. But this push higher could be different and may actually be bearish. Price action on LINK pushed above 2 previous heavy rejection areas. This doesn’t guarantee a reversal, but this is a great level to expect a large topside wick to be printed. If this weekly candle closes below the open ($18.16), that will be heavy confluence with the bearish idea being presented.
If we zoom in to the Day chart, we can look at some primary levels of interest, which are largely based on the range that LINK was consolidating in. If LINK breaks down from the first level identified ($17), I’d be looking for further continuation down to ($14). It is also worth noting that if a daily candle closes bearish, then there will be several instances of bearish divergence present as well.