Tezos (XTZ) bounced off the $ 3 area and broke the long-term upward support line.
LINK made a similar bearish breakout.
LINK /BTC, probably completes a parabolic growth, which lasted 915 days.
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Tezos (XTZ) and Chainlink (LINK) showed solidarity with bitcoin and also formed bearish engulfing candles on June 11, having made a bearish breakout lines long-term upward support. Perhaps both cryptocurrencies started correction phases.
On June 11, the XTZ rate formed a bearish engulfing candlestick and made a bearish breakout of the long-term upward support line, which was supported at graphics from March 13. During this fall was also broken the support provided by the 50-day moving average (MA), over which price has been trading since April 16.
This breakout was accompanied by high trading volumes and occurred after Togo, as the market failed to overcome home region resistance around $ 3, although price and pierced it with a long top candle.
The loss of such an important long-term support may be an indication that the price has started a long-term correction and may now decline to the Fibo 0.5 level of the previous move retracement located at $ 2.05.
Cryptocurrency trader Loma (@Lomahcrypto) reported in Twitter, what came out from long positions on XTZ, reminding their readers the importance of revising their stops and points of exit from the market. Wherein it has highlighted key support at $ 2.17, which is pretty close to the support indicated by us above.
Similar to the XTZ rate, LINK also formed a bearish engulfing candlestick and made a bearish breakout of the upward support line along which the price has been moving since March 13. but, unlike XTZ, course LINK groped support above the 50-day moving average (MA).
This support can allow price to bounce to test the upward support line around $ 4.3. After of this the pair will still resume its decline in the direction areas $ 3, where the Fibo level of 0.5 retracement is located Total bovine course.
An interesting observation was made in this regard by the crypto trader Pentosh1, who wrote on Twitter that the LINK / BTC pair, according to the whole visibility completes nearly three-year (915 days) parabolic uptrend. He warns that this coin has helped some traders earn big money, but Now this the market cycle is coming to an end and losses may be the same large.
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