Chainlink: Van de Poppe Flags Bitcoin Retest
Michaël van de Poppe states Chainlink's market correction looks like a standard retest against Bitcoin rather than a deeper breakdown, with a bounce likely from here at the $13.12 level.
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Chainlink faces a relatively harsh correction, yet Michaël van de Poppe views the move versus Bitcoin as a healthy retest that sets up a potential bounce and local low.
At $13.12, LINK sits inside its Bollinger bands with the upper band at $13.52 acting as near-term resistance and the lower band at $12.43 as support. The EMA50 at $13.42 caps upside while the EMA200 at $13.04 offers structural support; neutral RSI at 48.12 combined with the MACD golden cross at -0.21 reinforces the case for a measured bounce before any sustained continuation.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast