Chainlink Price Analysis 17-11-2021

Chainlink Price Analysis 17-11-2021

By Fizz on my Jayce | My Price Analysis | 17 Nov 2021


 
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Hello everyone, Chainlink bounced strongly of our weekly support level at $27.7 and now the price is at Point of control from the previous day(around $29.9). The short-term bias for LINK is bearish, but for now, the price should stay above weekly support, but it highly depends on what's Bitcoin going to do in the next few days. If we break this level we should get back to the support level at $24.3.
 
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The levels to watch:
  • Monthly resistance at $38.3
  • Weekly support at $27.7
  • Weekly resistance at $34
  • Daily support at $24.3
  • Point of control (from 250 bars) at $34 (resistance)
  • Point of control from the previous day at $29.9 (resistance)
 
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The price has been dropping all the time over the last day, but CVD was going up all the time. This specific situation indicates a lack of participants because the price trending downwards, but CVD is not following the move. The lack of aggressive participants is a sign of trend weakness.
 
I would expect the price to stay above weekly support at $27.7. In the long-term, we are still bullish unless the price breaks our support at $27.7 and also go through daily support at $24.3, which is not likely. If price will go up from there, we should get a strong rejection from the $29.9 level (POC and weekly resistance).
 
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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.

 

Hope you found today’s article helpful. Have a nice day :)
 

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Fizz on my Jayce
Fizz on my Jayce

Crypto trader & Investor. I show my opinions, trading tips, and nothing is financial advice.

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