ChainLink formed a Head and Shoulders LONG ($2.22)
Fundamental Reason
LINKUSD
is a coin used for diversification when a dump takes place at the market money of selling Bitcoins flows to LINK. The result is people in fear selling and ChainLink pumping unexpectedly, leaving everybody in confusion. With my experience watching the Link of its creation I think this is the case. Nobody would expect a new pump of Link.
Technical Reason
On a Daily time frame, Link formed double bottom with Oversold RSI, meaning that an unusual bullish reaction could take place so that the oversold condition recovers. Link's formed an H&S with a target of range between $(2.22 and $2.25). Price just tested $1.89 zone for a conformation of H&S figure. A confirmation for growth will be If Link's price closes a couple of 6H candles above $1.89.
Conclusion
Link's price will try to reach its H&S target of ($2.22; $2.25). Last weeks the price was on OverSold state on Daily Chart. ChainLink is very often used as an asset for diversification in a time of dumps.
Supports - ($1.89; $1.85)
Resistances - ($2.22; $2.25)
LINKUSD
is a coin used for diversification when a dump takes place at the market money of selling Bitcoins flows to LINK. The result is people in fear selling and ChainLink pumping unexpectedly, leaving everybody in confusion. With my experience watching the Link of its creation I think this is the case. Nobody would expect a new pump of Link. Technical Reason
On a Daily time frame, Link formed double bottom with Oversold RSI, meaning that an unusual bullish reaction could take place so that the oversold condition recovers. Link's formed an H&S with a target of range between $(2.22 and $2.25). Price just tested $1.89 zone for a conformation of H&S figure. A confirmation for growth will be If Link's price closes a couple of 6H candles above $1.89.
Conclusion
Link's price will try to reach its H&S target of ($2.22; $2.25). Last weeks the price was on OverSold state on Daily Chart. ChainLink is very often used as an asset for diversification in a time of dumps.
Supports - ($1.89; $1.85)
Resistances - ($2.22; $2.25)
Orden cancelada:
Support level didn't hold, H&S is invalid
Good luck!