45% drop coming for Link? None's ready
Yeah, I am a Link bull but I would be a poor trader if didn't consider the possibilities and didn't allow for the chart to show me what it could be doing.
My theory is that Link could be in a descending channel with a bottom back at Dec 2020 bottoms at about $8.60. I could see Link starting to tank over the next two to three weeks. And then around mid April see a turnaround that will break us pass descending line of resistance (yellow) retesting the bottom line of support/now turned resistance (orange). The measured breakout of the descending channel puts us exactly at the orange line of resistance.
The money flow index is topped out on the daily and showing hidden bearish divergence. The Stochastic RSI looks like it put a double top on the daily and is now curving down.
Ofcourse, it could all be invalidated. If we break out of this channel comeback to test as support and bounce then its invalidated and were most likely heading higher. But I just wanted to show you what I'm seeing.
My theory is that Link could be in a descending channel with a bottom back at Dec 2020 bottoms at about $8.60. I could see Link starting to tank over the next two to three weeks. And then around mid April see a turnaround that will break us pass descending line of resistance (yellow) retesting the bottom line of support/now turned resistance (orange). The measured breakout of the descending channel puts us exactly at the orange line of resistance.
The money flow index is topped out on the daily and showing hidden bearish divergence. The Stochastic RSI looks like it put a double top on the daily and is now curving down.
Ofcourse, it could all be invalidated. If we break out of this channel comeback to test as support and bounce then its invalidated and were most likely heading higher. But I just wanted to show you what I'm seeing.
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