Not a good month for Link Marines. The chart is a mess. After breaking through the most important support at 10,5USD, the price of LINK was no longer able to rebound, running inexorably downwards to 7,3USD. Now a slight adjustment within the waiting area is predictable likely before a further down until the support test at 7.1USD. What to expect then? A retest of support and resistances between 7 and 8.6 USD. If demand is not strong enough to push the price beyond the waiting area, a trend reversal appears far away; indeed we can witness a dangerous breakout below 7USD: -63% from august 15th close.
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LINK has suddenly reversed the downward trend driven by BTC's good performance in recent days. The decisive breakout of the important resistance around $10.83 forces to close any open short positions. It is better to look for a more profitable trading at this time.
For those who are more inclined to risk, even a long entry on LINKUSD could bring benefits in the medium term.
For those who are more inclined to risk, even a long entry on LINKUSD could bring benefits in the medium term.