LINK/BTC 12H (Binance) Bullish pennant on support
ChainLink is looking bullish again, I expect it to go back to the same mid-line channel as long as MAs hold the price action.
Current Price= 0.00043282
Buy Entry= 0.00043301 - 0.00042501
Take Profit= 0.00046514 | 0.00049184 | 0.00056909
Stop Loss= 0.00039288
Risk/Reward= 1:1 | 1:2.16 | 1:2.98
Expected Profit= 8.42% | 14.65% | 32.65%
Possible Loss= -8.42%
Fib. Retracement= 0.618 | 0.786 | 1.272
Margin Leverage= 1x | 3x | 5x
Estimated Gain-time= 600
Current Price= 0.00043282
Buy Entry= 0.00043301 - 0.00042501
Take Profit= 0.00046514 | 0.00049184 | 0.00056909
Stop Loss= 0.00039288
Risk/Reward= 1:1 | 1:2.16 | 1:2.98
Expected Profit= 8.42% | 14.65% | 32.65%
Possible Loss= -8.42%
Fib. Retracement= 0.618 | 0.786 | 1.272
Margin Leverage= 1x | 3x | 5x
Estimated Gain-time= 600
Note
Actually R/R is a bit different:Risk/Reward= 1:1 | 1:1.74 | 1:3.88
Trade active
All entries filled.I had to redrew a little bit the pennant to fit that new low, but still valid in my opinion.
Note
Pennant broke-down, a flag is forming now, price bounced on Fib. 0.5 (41.6K) but could still go down to Fib. 0.618 (40.8K sats) before a move up 🤞🏼Trade closed: target reached
TP1 hit with +8.42% (42.10% using 5x), this was definitely a bull-flag at last, I hope you held tight!Trade closed: target reached
TP2 hit with +14.65% from average entry (73.25% using 5x Margin leverage).Last target is still valid, but I wouldn't recommend entering now if you missed out.
Trade closed: target reached
TP3 hit with +32.65% from average entry (163.25% using 5x Margin leverage).It was really worth the wait, now it's facing mid-line channel resistance so I would wait for a new entry after a correction.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.