saw a dip to $15.4k earlier this week but it was quickly reversed in the past 24 hours of trading. Was this move upward the genuine beginning of a rally, or was it more of a bull trap?Source: LINK/USDT on TradingView
However, on the 1-day chart, the price still had a bearish structure. LINK needed to flip the $6.5-$6.65 region from resistance to support before the bulls can have some confidence in a move toward $7.5 and above. The $6.2 level was also broken in the recent lower timeframe rally, and a retest of the same could offer short-term traders a buying opportunity. For longer-term traders, buying in the $5.6-$6.2 region on a retest with bullish targets of $7.5 and $9.4 was possible. Invalidation of this idea would be a session close below the $5.6 mark.Development activity was on the rise in the past two weeks.
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