LINK hidden bull pattern, coiling up inside a falling wedge
Updated
Hello fellows:)
After analising the chart several time I think LINK might be ready soon for a break up. More exactly it will clarify in the next day or two
There is a bear divergence on the RSI that forces LINK deep into oversold territory. Hear me out, we never reached 20 barrier since 29 Jan 2019. A bounce will happen. On the other hand the BTC pair is overbought on the 4 h time-frame and running out of steam, with lower volumes divergence. Many shorts and whales preparing to dump the 10700-10800 area if we even get there. A correction is due, to retest 10200 support.
That being said LINKBTC on 4h time-frames formed a falling wedge, with a big bull flagpole, so far the descending support has not been broken even against a bullish pumping BTC. So we have a convergence of trend support since 14 may, descending support after the bull run and horizontal support all around 20500 sats, which is my buy zone area. Stopploss If we break below 19500, it means the resistances are invalidated. Take profits around 23500, 24800.
Even if you take in account the wedge falling flag or consider a completed market cycle with two Eliot waves...there is a high chance LINK is ready for another bull run very very soon. Any weaknesses from BTC might trigger a breakout from the wedge.
This is not financial advise, just what I see and what I'm going to do,
Happy hunting:)
After analising the chart several time I think LINK might be ready soon for a break up. More exactly it will clarify in the next day or two
There is a bear divergence on the RSI that forces LINK deep into oversold territory. Hear me out, we never reached 20 barrier since 29 Jan 2019. A bounce will happen. On the other hand the BTC pair is overbought on the 4 h time-frame and running out of steam, with lower volumes divergence. Many shorts and whales preparing to dump the 10700-10800 area if we even get there. A correction is due, to retest 10200 support.
That being said LINKBTC on 4h time-frames formed a falling wedge, with a big bull flagpole, so far the descending support has not been broken even against a bullish pumping BTC. So we have a convergence of trend support since 14 may, descending support after the bull run and horizontal support all around 20500 sats, which is my buy zone area. Stopploss If we break below 19500, it means the resistances are invalidated. Take profits around 23500, 24800.
Even if you take in account the wedge falling flag or consider a completed market cycle with two Eliot waves...there is a high chance LINK is ready for another bull run very very soon. Any weaknesses from BTC might trigger a breakout from the wedge.
This is not financial advise, just what I see and what I'm going to do,
Happy hunting:)
Trade active
worked out nicely, over 10% profits. Now forming another bull flag on the 1h timeframe.
Note
Right this second we have a golden cross between the faster 50 smooth moving averages and the slower 200 SMA. Golden cross represents entering the bull wave. Of course if could be a fakeout, but the volumes are rising, alt bulls sense weakness is BTC, they see red, they smell blood of bear, they are ready to strike..haha, Happy hunting:)
Trade active
We broke the flag to the upside. //// Don't forget to move your stop loss into profit..if we can break thru 0.000252 (the last resistance) it will go higher, if we close 1h/4h candle around 252, call it a double top and close it with whatever profit you managed to make, or at least move stop loss underneath it.
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