Link seems to find itself in a really large daily channel. Right now we are just below the mid range, a pivotal level. Coming from channel low it has to beat the mid to make a possible run up otherwise downside is likely.
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On the LTF we are forming what looks to be like a ascending triangle which could mean upside continuation. Volume on the run ups is decent.
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Last time trend did retest the mid channel.
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If we break upside look for the same thing. This means a wick down towards the mid and topside triangle and a 1h close above. That should be a long trigger as long as bitcoin behaves. Stop below lh in triangle and 4 tp's to the upside best ratio would be 40-30-20-10
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Another idea is a short, if Link fails to close above mid channel. Triangle break would open us up to take that trade.
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Need to see it start closing above risistance otherewise its looking for a short especially with the possibility of a btc breakdown. We are over 60% in triangle likely the trendline will break.
Trade active
In a short position, trigger was wick on 1h again in the region with a close below.
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Trade closed: target reached
Closed for 9%, never hit last tp instead hit moved up stop.
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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.