Will LINK Hold or Dive Deeper? Major Support Ahead!
LINK has been range-bound for the past two weeks, struggling to break through the $26-$27 Key Zone. After multiple strong rejections, price started slowly to pull back, now approaching a critical support zone, the 0.618 Fibonacci retracement at $21.41.
Key Levels & Recent Price Action:
Short Trade Recap
Today, the weekly level was tested, leading to a rejection, offering a valid short setup.
For the short trade target the dOpen was hit perfectly, acting as a key intraday level.
Now, the big question:
Will LINK lose the dOpen and head lower to finally test the 0.618 retracement?
Or will buyers step in to defend this level?
Long Setup & Upside Potential:
Why This Trade Setup is High-Probability:
Final Thoughts:
Key Levels & Recent Price Action:
- 0.618 Fib Retracement ($21.41)
- Weekly Level ($20.96) & 0.666 Fib → Additional confluence reinforcing this support zone
- Fib Speed Fan (0.8) → Aligns with this level, making it a high-probability bounce area
Short Trade Recap
Today, the weekly level was tested, leading to a rejection, offering a valid short setup.
For the short trade target the dOpen was hit perfectly, acting as a key intraday level.
Now, the big question:
Will LINK lose the dOpen and head lower to finally test the 0.618 retracement?
Or will buyers step in to defend this level?
Long Setup & Upside Potential:
- Entry Zone: $21.41 - $20.96 (Golden Pocket)
- Stop Loss: Below 0.786 Fib
- Take Profit: $30 psychological level, $35 - 0.618 Fib
Why This Trade Setup is High-Probability:
- Liquidity Sweep Potential → A dip into this range could liquidate long positions, creating a strong buying opportunity
- Golden Pocket Confluence → 0.618 & 0.666 Fibs + Weekly Support = A strong demand zone
Final Thoughts:
- If LINK breaks below the dOpen, the swing low and the 0.618 fib retracement becomes the key level to watch for a high-probability long entry.
- If price reacts strongly to this support zone, a long trade could target $30+ in the coming future, offering an excellent risk-to-reward setup!
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.