$LINK Trend Change In Progress
LINK has been in a compressed sideways range ever since June 2022- nearly 10 months. Many other top 10 and top 20 tokens have made significant returns after Bitcoin's victory bounce back in January, but LINK has been forced to stay below the 0.236 Fibonacci line (at $9.126).
But one thing our indicator, the "TBO", is telling us is that a trend change has been in the works since the week of January 23, 2023, indicated by the green X. "TBO" Cross Up symbols on longer time frames give us an advanced alert that the trend could be making a sudden shift in the next several candles. These shifts don't happen right away, but as you can see from the "TBO" Cross Down (red X) that happened back in October 2021, the price eventually turned bearish.
One other important detail to note about the "TBO" Crosses is that these symbols change the color of the "TBO" Cloud, introducing a gray color. This gray color is an indication that the trend is beginning to change directions.
Once the price of LINK closes above the 0.236 Fibonacci retracement, we expect the price to turn bullish and start hitting the higher Fib targets. Until that happens, we are mildly bullish on LINK.
*Note: the "TBO" is enclosed in quotations because an existing ticker (TBO) could lead to some confusion.
But one thing our indicator, the "TBO", is telling us is that a trend change has been in the works since the week of January 23, 2023, indicated by the green X. "TBO" Cross Up symbols on longer time frames give us an advanced alert that the trend could be making a sudden shift in the next several candles. These shifts don't happen right away, but as you can see from the "TBO" Cross Down (red X) that happened back in October 2021, the price eventually turned bearish.
One other important detail to note about the "TBO" Crosses is that these symbols change the color of the "TBO" Cloud, introducing a gray color. This gray color is an indication that the trend is beginning to change directions.
Once the price of LINK closes above the 0.236 Fibonacci retracement, we expect the price to turn bullish and start hitting the higher Fib targets. Until that happens, we are mildly bullish on LINK.
*Note: the "TBO" is enclosed in quotations because an existing ticker (TBO) could lead to some confusion.
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