📉 LINK/USDT - 1H Chart Breakdown Setup 📉
Chainlink (LINK) is currently trading within a symmetrical triangle (or wedge), forming a clear consolidation zone. Price is now testing the descending resistance, and based on current momentum, a break to the downside looks highly probable.
🔥 Technical Breakdown:
🔻 Symmetrical Triangle Formation:
• Price has been squeezing between lower highs and higher lows.
• The recent rejection at the upper trendline suggests bearish continuation.
🔻 Bearish Confluence:
• Price is still below the 200 EMA, acting as major resistance.
• Lower highs indicate weakness from buyers.
• Strong support at $18.95, but a breakdown will trigger further downside.
📉 Measured Move Target:
The measured move for this symmetrical triangle is calculated from the highest point ($21.39) to the lowest point ($18.95):
📏 Breakout Target = $17.86
⚠️ Key Levels to Watch:
• Break below $18.95 = Bearish confirmation 🚨
• Upside invalidation above $20.50
A strong volume spike will confirm the move. Are you shorting this breakdown? Let me know your thoughts! 👇
#LINK #Crypto #Trading #SymmetricalTriangle #TechnicalAnalysis #BearishBreakdown
Chainlink (LINK) is currently trading within a symmetrical triangle (or wedge), forming a clear consolidation zone. Price is now testing the descending resistance, and based on current momentum, a break to the downside looks highly probable.
🔥 Technical Breakdown:
🔻 Symmetrical Triangle Formation:
• Price has been squeezing between lower highs and higher lows.
• The recent rejection at the upper trendline suggests bearish continuation.
🔻 Bearish Confluence:
• Price is still below the 200 EMA, acting as major resistance.
• Lower highs indicate weakness from buyers.
• Strong support at $18.95, but a breakdown will trigger further downside.
📉 Measured Move Target:
The measured move for this symmetrical triangle is calculated from the highest point ($21.39) to the lowest point ($18.95):
📏 Breakout Target = $17.86
⚠️ Key Levels to Watch:
• Break below $18.95 = Bearish confirmation 🚨
• Upside invalidation above $20.50
A strong volume spike will confirm the move. Are you shorting this breakdown? Let me know your thoughts! 👇
#LINK #Crypto #Trading #SymmetricalTriangle #TechnicalAnalysis #BearishBreakdown
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.
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.