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ChainLink / TetherUS
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LINKUSD may need one more dip to call the Bottom: ChainLink buy?

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LINK has been falling for some time now.
It bounced recently along with most Alts.
But it was slow to rise and early to stop.

Thus it may "need" one more leg (capitulation) .
The bounce was off the 8.236, sometimes a wave ender.
The 9.618 is almost always a move ender, so a safer buy.

The 5.618 is the most common first resistance.
The 3.336 is where many "ABC" retraces end.
The 2.236 is always a very strong resistance.

Lastly there is the "Impulse Zone" and its "Core".
That is where the max selling occurred before.
Lets see if we can get past the 5.618 as step #1.



Note
Just broke through the Initial Resistance snapshot now looking for a retest of the red 5.236 fib

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Note
Zooming in on the move up, shows this run has "Fib Legs" snapshot

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Note
zooming OUT to bigger picture with the new little fib in place snapshot we have mapped a likely next target for this move (red zone in the $2.10xx area. Of course, we need to get past the $2.000 round figure, which is already exerting resistance.

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Note
Here we are with an EXACT ping of previous resistance snapshot Lets see if bulls can hold, but that precise reaction was a good sign
Note
Nice little bounce off that previous resistance snapshot Those exact reactions are always telling

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Note
LINK fared the best during this crash. It fell the least and bounced the most. But check out where it bounced from: snapshot Now THAT is what I call a PING (sharp reaction at a precise point).

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Note
Still "Ping-ing" the fibs snapshot Lets see what happens at the 6.236 after the exact reflection off the 5.618\

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Note
Hmm, pierced the 6.236 snapshot probably will head to the 6.618 below, unless bulls can retest the 6.236 and get a clean bounce off it.

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Note
Another fib pierced, now to watch the next one below? snapshot

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Note
LINK hit the "often very strong resistance" zone and retracted as expected snapshot But I must say that I an quite surprised by the bull strength in this coin.

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Note
LINK continues to surprise with its strength. Bravo to the Faithful. snapshot Now we are approaching "Impulse Redux", a full round trip to return to the scene of the crime (the force that started the move down). I will post a new Idea with that Impulse zone in closer view.

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EuroMotif
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FibonacciSupport and Resistance

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FibonacciSupport and Resistance
EuroMotif
Mod
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag

Related publications

Disclaimer

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.