LINKUSD As much as I would love to say " I believe that this correctional phase is over " ; I'm still seeing clues that could indicate otherwise.
I've noticed quite a few assets that are in between high "reversal" potential fib zones.
Chainlink being an example; It is between the 1:0.618 and 1:1 window. Price has already fallen through the 1:0.618 pocket as well as a HVN (High Volume Node); potentially marking that support structure as INVALID.
The next significant Fib level is the 1:1 (when considering 3 wave corrections) and along side of that structure is another HVN signifying strong support/resistance.
It's not impossible that price could reverse close to its current position, but unlikely.
A wave up from here could be a probable outcome, but a lower local low may be on the table sometime in the very near future.
I could very well be wrong here but I've grown to be quite the speculator during these exotic times of the market cycle.
Good Luck Traders!
- Not Financial Advice -
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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.