Link at a turning point...
I want to get some feedback on a potential linkusdt trade idea.
As the whole market, Link has been bleeding since the beginning of September and seen a down trend of more than 50% as of right now. It reached a low in September at around $7.20 and after saw a strong rebounded to $11 and retraced back to around $9 as of right now.
The monthly high(July) around which link is currently hovering is at $9. I have to potential scenarios I want to play.
1) If link closes below $9 on today's daily I see more potential downside for the week and will open a short position around that level. The risk to reward is good, support being lost and MACD being in the negative territory is confirming the short bias for me.
2) Closing above $9 on the daily, hovering around that level for the week and then breaking out to the upside. Bullish bias confirmation: The market has been bleeding since september and everybody has been in a light fear state all throughout the month, so a potential bounce seems reasonable at this point. On the Santiment platform the 30D MVRV ratio is showing that Link is in a potential buy territory. Lastly, $9 being a relative turning point since the last bounce to $11.
I am relatively new to trading. Started in the summer of 2019, still not profitable but doing better than before. I want to become profitable and any constructive feedback that could get me to that point is appreciated.
As the whole market, Link has been bleeding since the beginning of September and seen a down trend of more than 50% as of right now. It reached a low in September at around $7.20 and after saw a strong rebounded to $11 and retraced back to around $9 as of right now.
The monthly high(July) around which link is currently hovering is at $9. I have to potential scenarios I want to play.
1) If link closes below $9 on today's daily I see more potential downside for the week and will open a short position around that level. The risk to reward is good, support being lost and MACD being in the negative territory is confirming the short bias for me.
2) Closing above $9 on the daily, hovering around that level for the week and then breaking out to the upside. Bullish bias confirmation: The market has been bleeding since september and everybody has been in a light fear state all throughout the month, so a potential bounce seems reasonable at this point. On the Santiment platform the 30D MVRV ratio is showing that Link is in a potential buy territory. Lastly, $9 being a relative turning point since the last bounce to $11.
I am relatively new to trading. Started in the summer of 2019, still not profitable but doing better than before. I want to become profitable and any constructive feedback that could get me to that point is appreciated.
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