80% correction for $2 Chainlink in play?
2024-08-12

On the above 12 day chart price action has rallied almost 300% since the lows of 2023. A number of reasons now exist for a bearish outlook. They include:

1) Broken RSI and price action support.

2) The RSI 50 level is an incredibly important level for chainlink overall. Look left. Red arrows. Rejection from 50 has never been a good thing for price action with the smallest correction at 30%.

3) The bear flags. They are exactly the same, width, angle. A new candle will print on Friday 16th of August. The candle body MUST print inside the flag to prevent confirmation.

4) Confirmation of no. 3 results in a forecast to the $2.50 area.

Is it possible price action stops current correction? Sure.
Is it probable? No

Ww