Short

Updated

Chainlink to $3

This is a continuation on the idea published below. So many folks on Tradingview are bullish on Chainlink whilst ignoring the 24000% return in the last 800 days. This is greed on steroids.

On the 2-day chart above the head and shoulders confirms a break of the neckline following the bearish divergence identified on the idea below.

A short from $24-25 is amazing if you can get it. Price action is oversold in the short term.

Good luck!

WW

5-day

Trade active

Have been watching this green 100-day EMA on the 4-day chart (so actually 400-days) - everyone bullish on Link must pay attention to this development.

Look left - circled in green are previous tests of the 100-day EMA. They have been a great signal for entering a long position. In the last 1-2 weeks price action broke this EMA and then back-tested. Resistance was confirmed.

Again look left - look where support is, $8 and then $3 - which will hold? Who knows.

If you're in profit still, secure them!

Note

Had a PM 'Teeka Tiwari' says this could go much higher. If you don't know who he is, ignore this update.

First time I've seen his name in a PM. Here's what I say, don't listen to any one person, myself included. The facts of the chart will always tell the truth. As my mentor once said, people lie, men lie, women lie, charts do not.

Teeka was in touch last year about TA support, I declined. I advised Link was overbought.

"Here’s How We’ll Make 3,200% by Linking the Blockchain to the Outside World"

That was his report back in May 2019 when Link was 44 cents. Currently up 3600%.

Just using his own words, we've shot past his target and still holding. This is greed in action.

Trade active

2-week chart prints a complete candle body below the 21-week EMA. Something price action has not done since 2019 - Look left!!

Note

While Link is enjoying a bear market there might be another opportunity to get out at $20 in the days / weeks ahead.

On the daily there is a 'incredible buy' opportunity with Stochastic RSI crossing up 20. I expect price action to be rejected at the 50-day EMA, which is currently around $20.

Trade active

Last week printed a bearish engulfing candle at resistance. Do not ignore. This is the 2nd time resistance has been tested and confirmed. Look left. A significant and sudden move down is more probable today than it was weeks ago.

Note

The crypto market as a whole has increased over 300% so far this year. Link now trades at the same price it started the year at. The FED balance sheet has increased almost 15% over the year, therefore technically speaking Link is now worth less even if at the same price.

Crypto market

Jan to December 2021 - same price

Note

On the 2-day chart below Link prints yet another rising wedge and breaks down. That's 3 rising wedges over the course of this year, each breaking down.

Target remains valid.

Note

Price action has until the end of the end of the month to avoid printing a 2-day death cross.

Note

The last quarterly candle prints as a hammer candle. Very bearish for the months ahead.

Trade active

800-day EMA failing on the 10-day chart. Price action must simply move above $20 by Feb 10th to avoid a significant downtrend.

Note

Price action has failed to move above $20 by the above date. On the 4-day chart below lower highs are clearly printing. Arguably market structure has already broken. A bounce to $24 should be expected no doubt bring much excitement, but will be a false rally.

Look left, price action is trading under the 21-week EMA, RSI is printing lower highs. The band has turned pink, for as long as it remains this colour price action will trend down.

Trade active

** 3-day death cross**

Price action on the 3-day chart has just printed a death cross following the 3-day life cross that was printed in February 2019. Make no mistake how powerful those crossovers are.

Look for resistance around the $20-21 area. If confirmed $3 will be the support area.

Trade active

** broken market structure **

Following the lower highs, market structure is now broken. On the weekly chart below price action broken below the last high low.

Trade active

Note

Almost there! Come on bulls, capitulate! Buy high sell low, that's the ticket.

without_worries

BTC
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Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on: