LINK.USDT (Y20.P5.E2).Harmonic or H&S?
Updated
Hi All,
Note:
This is a continuation of the previous post for link and at the end of this post, I made this update. Now we are continuing off this update.
Those who know me, I like to continue off the price action story when its relevant.
My Thoughts:
=======================================================
> I'm first suggesting like BTC, we are now in a downtrend and should trade that way;
> I made a fair bit of effort to look at it from many angles with the following:
a) EMA \ RSI weekly and daily perspective; (34 to 50 weekly ema)
b) Head and Shoulders scenario; (height of head is used as target)
c) Inverted BARR approach; (where the wave started from)
d) Channel approach;
e) Support and resistance\fib level approach; (double bottom scenario) and macro 0.382 fib level.
f) Harmonics
From all this, I have concluded for now, this green zone makes sense;
You be judge:
Note the double bottom fractal.
> Here we have the following elements of a, b, c, d, e, and f;
We are doing the ABC motive\impulse wave based on cycle theory and wave analysis;
> From the HARMONIC perspective, the price can fit into a number of Harmonics so we will have to wait to see what point C is to know or estimate where point D will likely be.
We can have the double bottom approach, represented by the ABCD model.
> If you look at the macro chart below, one can see the mid line of the channel which acted as strong resistance (5) and hence will be strong support
at point (c) which resonates with the level of the double bottom.
> Another approach is the inverted barr method and it too has point C of the ABC wave;
This also resonates with the weekly support level;
> The Weekly chart: bottom ema ribbon = 34 to 50 EMA, acted as support. I think the 21 weekly ema (lime) was tested and we got a bounce already
but I see this as point A of the ABC wave and hence will not hold
Note the weekly RSI level which gave a consistent continuation trend support level.
BEARISH Scenario
Please give me a like or tick for this post,
Regards,
S.SAri
Note:
This is a continuation of the previous post for link and at the end of this post, I made this update. Now we are continuing off this update.
Those who know me, I like to continue off the price action story when its relevant.
My Thoughts:
=======================================================
> I'm first suggesting like BTC, we are now in a downtrend and should trade that way;
> I made a fair bit of effort to look at it from many angles with the following:
a) EMA \ RSI weekly and daily perspective; (34 to 50 weekly ema)
b) Head and Shoulders scenario; (height of head is used as target)
c) Inverted BARR approach; (where the wave started from)
d) Channel approach;
e) Support and resistance\fib level approach; (double bottom scenario) and macro 0.382 fib level.
f) Harmonics
From all this, I have concluded for now, this green zone makes sense;
You be judge:
Note the double bottom fractal.
> Here we have the following elements of a, b, c, d, e, and f;
We are doing the ABC motive\impulse wave based on cycle theory and wave analysis;
> From the HARMONIC perspective, the price can fit into a number of Harmonics so we will have to wait to see what point C is to know or estimate where point D will likely be.
We can have the double bottom approach, represented by the ABCD model.
> If you look at the macro chart below, one can see the mid line of the channel which acted as strong resistance (5) and hence will be strong support
at point (c) which resonates with the level of the double bottom.
> Another approach is the inverted barr method and it too has point C of the ABC wave;
This also resonates with the weekly support level;
> The Weekly chart: bottom ema ribbon = 34 to 50 EMA, acted as support. I think the 21 weekly ema (lime) was tested and we got a bounce already
but I see this as point A of the ABC wave and hence will not hold
Note the weekly RSI level which gave a consistent continuation trend support level.
BEARISH Scenario
Please give me a like or tick for this post,
Regards,
S.SAri
Note
smaller time frame to tradeTrade active
I have recently shorted this and its coming to a key level support that would likely give it a weak bounce. Note
Key level. If this holds for a day, we have a chance to maintain the LINK trend. However the daily still has downward pressure. I expect a bounce here but i don't think it will be strong for the USD is starting to go up.
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.