A couple of days ago I made an analysis on LINK. Here I stated that LINK was still inside the bullish channel on the weekly time frame.
However, as of yesterday LINK has closed below the weekly bullish channel. Furthermore, LINK is even falling further today on Bitcoin woes and uncertainty.
I'm currently looking at the red support area for a potential buy in. Not saying that LINK will actually go there, but I won't be stepping in the market above $10 since there's simply too much uncertainty in the markets at the moment. We need a bullish catalyst to get out of the bearish momentum.
I deem LINK below $7.50 highly unlikely at this point in time. As mentioned before, I think that we're currently seeing a mid-cycle bearish move. Let's hope for some bullish momentum in the near future, but there's a big chance we're in for more short-term pain.