LINK: time to cool down?
Hi everyone.
This is my first publication :) First of all thanks to David (Wykoffmode) for the indicators.
My goal is to share an idea for the short/midterm for LINK, so no financial advice. Any comment or opinion on this idea is most welcome :)
Looking at the picture I think we're seeing a copy of August/September 2020, but this time around there are more investors involved and the 'hype' is a bit bigger.
For the last few days after the sharp correction we've seen LINK do what any coin has done: trail sideways mostly within the pitchfork, and, we've been bouncing between fib-levels, support/resistance.
When looking at the indicators we see that LINK (like most coins) has cooled of a bit. This seems natural because of the divergence of de moving averages also seen in de MACD on top of the picture.
We also see volume declining. So we seem to be at a tipping point. With the RSI, LSMA, MACD al showing signs of wanting to cool down in the weekly, I think we might get a small setback before continuing on.
Question is: how steely is the resolve of the of the ones holding LINK? Will supports hold, or will there be a large candle down like in august/september?
I think it's important to look at big daddy B (BTC). Because BTC, to me, is a trend/momentum indicator for other coins.
I marked this as neutral because I see a small setback in short/midterm. But I'm Bullish in the longterm.
Thanks for your time. If you like, please leave a comment or idea!
This is my first publication :) First of all thanks to David (Wykoffmode) for the indicators.
My goal is to share an idea for the short/midterm for LINK, so no financial advice. Any comment or opinion on this idea is most welcome :)
Looking at the picture I think we're seeing a copy of August/September 2020, but this time around there are more investors involved and the 'hype' is a bit bigger.
For the last few days after the sharp correction we've seen LINK do what any coin has done: trail sideways mostly within the pitchfork, and, we've been bouncing between fib-levels, support/resistance.
When looking at the indicators we see that LINK (like most coins) has cooled of a bit. This seems natural because of the divergence of de moving averages also seen in de MACD on top of the picture.
We also see volume declining. So we seem to be at a tipping point. With the RSI, LSMA, MACD al showing signs of wanting to cool down in the weekly, I think we might get a small setback before continuing on.
Question is: how steely is the resolve of the of the ones holding LINK? Will supports hold, or will there be a large candle down like in august/september?
I think it's important to look at big daddy B (BTC). Because BTC, to me, is a trend/momentum indicator for other coins.
I marked this as neutral because I see a small setback in short/midterm. But I'm Bullish in the longterm.
Thanks for your time. If you like, please leave a comment or idea!
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