Chainlink (LINK): Potential Huge Drop To Come ?

The LINK/USDT chart presents an intriguing setup with two potential bearish reversal patterns emerging—a head and shoulders and a double top. While these patterns are still forming and not yet confirmed, the similarity in their bearish implications cannot be ignored. Our major target is going to be here in that significant fair value gap (FVG) zone.

The key area to watch is the neckline zone of the Double Top pattern, which, if breached, could indicate the start of a descent towards the lower green FVG zone.

Note

We see that the price is feeling pushy, and even though it had a few attempts to breakdown to lower zones, it did not let the price go too far. We are looking closely at that upper resistance zone, and until we are below that resistance, we are still going to aim for those lower zones.

Upon breaking this resistance zone, we will cancel our ideas and look for potential upward movement (short-term)

Note

Price is showing a nice rejection (start of it) near upper resistance zone

Note

The new daily candle is currently securing this zone. If this zone is secured, then the price will most likely go for an upper zone hunt!

Note

Link on a bigger timeframe is still in the process of forming that H&S pattern, where we are waiting for a nice breakdown to happen near that neckline zone.

This gameplay is valid up until we are below that upper green resistance!

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SwallowAcademy

🚨 Authentic Traders
⚡️ Short-Term + Mid-Term Trades

Keep an eye on us and you will not regret it. 😉

Telegram: t.me/+fiEDSn7M9pJkODA0

Also on: