- Chainlink dropped by almost 20% today as it fell into the $15.00 support.
- Against Bitcoin, LINK decreased from the 0.0017 BTC level to reach the support at 0.00127 BTC.
LINK/USD: LINK Bullish Momentum Dies Out At $19.50
Key Support Levels: $15.10, $14, $13.35.
Key Resistance Levels: $17.20, $18, $19.51.
Over the weekend, LINK surged higher from the $17 level to reach the resistance at $19.50 (1.618 Fib Extension). LINK managed to spike above $20 yesterday but has since dropped below $17 to reach the $15.10 support (.382 Fib Retracement).
After such a hyper-parabolic move in July and August, where LINK surged by a total of 345%, it was inevitable that the buyers would end up taking a break at some point.
LINK-USD Short Term Price Prediction
If the sellers push beneath $15.10, support is located at $14, $13.35 (.5 Fib Retracement), $11.62 (.618 Fib Retracement), and $10.
On the other side, if the bulls can rebound from $15, resistance lies at $17.20, $18, and $19.51. If they can break $20, added resistance is located at $21.11 and $22.80.
The RSI has dropped from extreme overbought conditions to the mid-line today, suggesting there is indecision within the market. If the RSI slips beneath the mid-line, the bears will take control of the market momentum, and LINK will continue lower.
LINK/BTC: Bears Attempting to Take Control Of Market Momentum
Key Support Levels: 0.00116 BTC, 0.001 BTC, 0.00094 BTC.
Key Resistance Levels: 0.0015 BTC, 0.00161 BTC, 0.0017 BTC.
Against Bitcoin, LINK also pushed higher over the weekend to reach as high as 0.0017 BTC. The buying momentum started to fade as it dropped beneath 0.0015 BTC to contact the support at 0.00127 BTC (.382 Fib Retracement). As of writing these lines, LINK penetrated beneath this support and is now trading at 0.00124 BTC.
Likewise, LINK has been hyper-parabolic during July and August as the cryptocurrency surged by a total of 255% to reach 0.0017 BTC. With such an extended move higher, there is always likely to be some form of deep retracement when the buyers reach exhaustion.
LINK-BTC Short Term Price Prediction
Moving forward, if the sellers head lower, support is expected at 0.00116 BTC (.5 Fib Retracement), 0.001 BTC (.618 Fib Retracement), and 0.0009 BTC (July 2020 Highs).
On the other side, if the bulls can rebound from the current 0.00127 BTC support, resistance lies at 0.0015 BTC (1.272 Fib Extension), 0.00161 BTC (1.414 Fib Extension), 0.0017 BTC, and 0.00178 BTC (1.618 Fib Extension).
The RSI has also reached the mid-line for LINK/BTC. A break beneath this would see the momentum turning bearish and could send LINK/BTC lower.
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