Parabolic move reached its climax top - time to die for LINKBTC?
Hello there, this is our view on LINKBTC, enjoy!
Analysis:
Link recently ran a bull rally which brought the price up to 0.786 fibo, where a strong daily resistance is located. Meanwhile it drew a perfect parabolic move (4 bases, climax top or double top incoming) which, as a natural end, will dump the price. Volumes are decreasing and probably won't provide enough strength for a breakout to take place. There are multiple moving averages golden crosses pending, so a further continuation is expected after a little retracing. Either EMAs do. Daily candle is very likely to close doji, which is a weak reversal signal. Price far in overbought on daily bollinger bands, which are bullish tho but may expect a retracing through 0.382 - 0.236 fib. Most oscillators formed bearish divergences from overbought all over last week and now are still in overbought on daily! Particularly stochastic is just about to form a death cross in overbought on daily, which will be an extremely bearish turn in the very next future. Either did awesome and moving average convergence/divergence, which are stating a strong bull trend.
Strategy:
Due to many bearish engulfings, dark cloud covers and a doji I do believe that a margin short is the best.
Entry (short): 49860 - 51438 - 51655
Target (mid-term): 47231 - 44505 - 40099 (even lower, this are the safe exit levels)
Stoploss: 52866
Risk/reward: 5.5
Tip: I suggest you should trade this margin with 3x-5x leverage because of very good risk/reward ratio. Stoploss is at -3% from entry, which is to be considered safe even with low leverage. Adopt a thorough money management (suggested 10-20% of your balance) and do your own researches.
Trade safe and stay at home. Anlvis
Analysis:
Link recently ran a bull rally which brought the price up to 0.786 fibo, where a strong daily resistance is located. Meanwhile it drew a perfect parabolic move (4 bases, climax top or double top incoming) which, as a natural end, will dump the price. Volumes are decreasing and probably won't provide enough strength for a breakout to take place. There are multiple moving averages golden crosses pending, so a further continuation is expected after a little retracing. Either EMAs do. Daily candle is very likely to close doji, which is a weak reversal signal. Price far in overbought on daily bollinger bands, which are bullish tho but may expect a retracing through 0.382 - 0.236 fib. Most oscillators formed bearish divergences from overbought all over last week and now are still in overbought on daily! Particularly stochastic is just about to form a death cross in overbought on daily, which will be an extremely bearish turn in the very next future. Either did awesome and moving average convergence/divergence, which are stating a strong bull trend.
Strategy:
Due to many bearish engulfings, dark cloud covers and a doji I do believe that a margin short is the best.
Entry (short): 49860 - 51438 - 51655
Target (mid-term): 47231 - 44505 - 40099 (even lower, this are the safe exit levels)
Stoploss: 52866
Risk/reward: 5.5
Tip: I suggest you should trade this margin with 3x-5x leverage because of very good risk/reward ratio. Stoploss is at -3% from entry, which is to be considered safe even with low leverage. Adopt a thorough money management (suggested 10-20% of your balance) and do your own researches.
Trade safe and stay at home. Anlvis
Trade active
Trade closed: target reached
Nice
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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.
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.