Big weekend move with Chainlink. Fundamentals aside, we have been ranging between 5 and 10 for some time now. We approach the top of the range and I don't believe this is the time to be longing before the breakout unless we see a significant breakout from this range.
If it does occur, consider longing on a retest of the range.
If we see a deviation, consider trimming a bit of your bag on a reentry of the range.
Something to note is the amount of "empty space" between $10 and $20.
19 is the breakdown zone from the 2021 decline, which could be a significant level when considering where price could go if there is a breakout from this range.
The range is also (around) 5 to 10, a 100% increase. If there was a breakout, you could target a 100% advance from 10 - which is again the breakdown zone from 2021 crypto declines.
Thanks for looking.
Cheers
If it does occur, consider longing on a retest of the range.
If we see a deviation, consider trimming a bit of your bag on a reentry of the range.
Something to note is the amount of "empty space" between $10 and $20.
19 is the breakdown zone from the 2021 decline, which could be a significant level when considering where price could go if there is a breakout from this range.
The range is also (around) 5 to 10, a 100% increase. If there was a breakout, you could target a 100% advance from 10 - which is again the breakdown zone from 2021 crypto declines.
Thanks for looking.
Cheers