LINK - 6h. Buyers took the hit and are preparing for the $34-35

19 mar 2021

The loss of the trend line by buyers on February 22 frightened LINK market participants. The wedge, which the sellers managed to break down, signaled a powerful impulse of the fall with the first target of $23. We wrote about this scenario in our previous idea:

However, apart from the spectacular exit of the price from the wedge, the sellers could not do anything else.
As you can see in the chart, on February 28, the buyers organized a powerful counterattack, which is still not over. The main fight this month was in the range of $27.3-28. The sellers have already made 3 attempts to take control of this range and all failed. The momentum of growth on March 17 showed that sellers are quite weak at the moment. In two days, the sellers failed to show their strength.

At the moment, the worst-case scenario is a re-test of $27.3-28. However, even in this scenario, the LINK price will continue to move in the white channel, which is controlled by buyers. Therefore, the test of the previous historical high is a matter of time.

The main question is whether buyers will be able to update the high and continue to grow?

Looking at the LINKBTC chart, there are all the prerequisites for this:


If you are interested in seeing our global opinion on LINK - write in the comments "Global link"

Happy weekend!
_____________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!