A 40% correction for Chainlink to $8?
On the above weekly chart price action finds resistance at market structure, which was first confirmed on March 2022. The recent confirmation of resistance follows a lower high print.
A Head and Shoulders print is now evident. This print occurs as RSI resistance remains active. It is highly likely the Head & Shoulders neckline fails.
A confirmation of the Head and Shoulder print forecasts a further 40% correction, which is exactly at past resistance.
Price action will arrive at $8 should the correction complete. In the big picture (below), the downtrend channel must show support on the mid line. Otherwise price action continues to correct until the $3 area over the next 1 to 2 years.
Ww
The big picture
A Head and Shoulders print is now evident. This print occurs as RSI resistance remains active. It is highly likely the Head & Shoulders neckline fails.
A confirmation of the Head and Shoulder print forecasts a further 40% correction, which is exactly at past resistance.
Price action will arrive at $8 should the correction complete. In the big picture (below), the downtrend channel must show support on the mid line. Otherwise price action continues to correct until the $3 area over the next 1 to 2 years.
Ww
The big picture
Trade ativo
Trade fechado: objetivo atingido
Nota
There are a few messages implying with the close of this idea that price action is now long. That is not supported by the chart.
In actual fact this idea was part of a larger bearish idea, should the $8 target area strike. It did.
Now we have price action forecast of $2
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.