Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LINK hit a roadblock, a bearish order block near $7.
- Open Interest and funding rates wavered slightly.
Chainlink [LINK] was forced to surrender the $7 psychological level after short-sellers sought entry. Notably, the $7 aligned with a crucial roadblock on the daily chart, which led the recent price pump to cool off at the level.
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In the meantime, Bitcoin [BTC] extended its range-bound formation of $30k- $31.5k for the third week in a row. The king coin traded near the range-lows at the time of writing, underscoring the short-term selling pressure witnessed over the weekend (15/16 July).
Can bulls clear the roadblock?
LINK faced price rejection at $7 and eased to $6.84 at the time of writing. When zoomed on the higher timeframe, specifically D1, the $7 aligned with a bearish order block of $6.89 – $7.28 (red) formed on 5 May 2023.
Back to the H4 chart, Chainlink has been making higher highs since mid-June – an uptrend that reversed all May/June losses. But the recovery hit a roadblock forcing the price to ease to the FVG (fair value gap) of $6.68 – $6.87 (white).
A breach below the FVG zone will flip the H4 structure to a bearish bias. Such a move could set short-sellers to extend gains to $6.32 or $6.07. As such, the $6.07 – $6.32 could be a price zone of interest for near-term bulls seeking re-entry.
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Author: Benjamin Njiri
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