LINKBTC HTF attempting breakout of fibonacci golden pocket
LINK has been on a tear in USD and BTC terms and I'm finally breaking even in BTC terms on LINK bags bought in the summer, those of us still
holding bags and worried about an upcoming bear market may consider keeping an eye on these levels and taking some off the table now or
in the near future:
1) Approaching overbought readings on the 3D RSI, bearish confirmation would be a break back below 60 RSI as shown by the white arrows
2) MACD confirmed bullish breakout
2) Price trading inside the Fib Golden Pocket (high chance of reversal) when taken from all time low valuation against BTC in Dec. 2017 and
all time high in Aug. 2020
3) Price has had 2 explosive 40%+ breakouts but also 2 false breakouts from this zone
4) Price just under the top of a downward sloping trendline since Aug. 2020, drawdowns from here have been -78% and -53% respectively
5) Golden pocket has acted as significant support and resistance as indicated by blue arrows
As a current holder of spot LINK looking to capture as much upside of this momentum as possible and consolidate back into BTC before crypto
winter this my strategy for the following scenarios:
1) Confirmed breakout and retest of Golden Pocket as support
- trade some BTC for more LINK with a stop loss below Golden Pocket, keep an eye for reversals off .5 and .382 Fib retracements.
- Take partial profits at horizontal fibs and all out on confirmed breakdown below 1.618 long term upwards fib channel
2) Confirmed breakout and immediate rally with no retest of Golden Pocket
- Take partial profits at horizontal fibs and all out on confirmed breakdown below 1.618 long term upwards fib channel
3) Rejection off Golden Pocket
- Take partial profits when 3D RSI breaks below 60
- All out when price confirms breakout below short term trendline parallel to upwards fib channel
- All out when price confirms breakout below 0.236 of downward sloping fib channel
Anything I missed? Is this speculation far too dubious to be a strategy? Let me know!
holding bags and worried about an upcoming bear market may consider keeping an eye on these levels and taking some off the table now or
in the near future:
1) Approaching overbought readings on the 3D RSI, bearish confirmation would be a break back below 60 RSI as shown by the white arrows
2) MACD confirmed bullish breakout
2) Price trading inside the Fib Golden Pocket (high chance of reversal) when taken from all time low valuation against BTC in Dec. 2017 and
all time high in Aug. 2020
3) Price has had 2 explosive 40%+ breakouts but also 2 false breakouts from this zone
4) Price just under the top of a downward sloping trendline since Aug. 2020, drawdowns from here have been -78% and -53% respectively
5) Golden pocket has acted as significant support and resistance as indicated by blue arrows
As a current holder of spot LINK looking to capture as much upside of this momentum as possible and consolidate back into BTC before crypto
winter this my strategy for the following scenarios:
1) Confirmed breakout and retest of Golden Pocket as support
- trade some BTC for more LINK with a stop loss below Golden Pocket, keep an eye for reversals off .5 and .382 Fib retracements.
- Take partial profits at horizontal fibs and all out on confirmed breakdown below 1.618 long term upwards fib channel
2) Confirmed breakout and immediate rally with no retest of Golden Pocket
- Take partial profits at horizontal fibs and all out on confirmed breakdown below 1.618 long term upwards fib channel
3) Rejection off Golden Pocket
- Take partial profits when 3D RSI breaks below 60
- All out when price confirms breakout below short term trendline parallel to upwards fib channel
- All out when price confirms breakout below 0.236 of downward sloping fib channel
Anything I missed? Is this speculation far too dubious to be a strategy? Let me know!
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