Chainlink (Link) potential movement
Updated
We'll start with Ichimoku setup. There are four key indications of potential movement upward indicated by the yellow circles, we'll call them 1-4 from left to right.
1. The Chikou Span lagging indicator has crossed over the priceline, in a technically upward movement.
2. The Tenkan Sen (red line) has crossed upwards over the Kijun Sen (blue line) indicating potential bullish movement.
3. Price action being above the Tenkan/Kijun Sen is a bullish indication.
4. Senkou Span A moving upward, and being above Senko Span B (Green Kumo cloud) is bullish.
The second part I wanted to look at is the bullish pennant. I'm not quite satisfied with a long position yet as I want to see a close above the dashed line near the white box for a long inside the pennant. I would also like to see the upper limit tested again before calling this an actual bullish pennant. Let's see what happens!
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
1. The Chikou Span lagging indicator has crossed over the priceline, in a technically upward movement.
2. The Tenkan Sen (red line) has crossed upwards over the Kijun Sen (blue line) indicating potential bullish movement.
3. Price action being above the Tenkan/Kijun Sen is a bullish indication.
4. Senkou Span A moving upward, and being above Senko Span B (Green Kumo cloud) is bullish.
The second part I wanted to look at is the bullish pennant. I'm not quite satisfied with a long position yet as I want to see a close above the dashed line near the white box for a long inside the pennant. I would also like to see the upper limit tested again before calling this an actual bullish pennant. Let's see what happens!
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
Note
Here we are below the resistance with only a couple of hours until the candle closes out. If it closes out below the line I would like to see how the next candle is shaping up before declaring the pennant pattern broken. What are your thoughts on how this might play out?Note
And it's broken.
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