WHY IS LINK PUMPING TODAY?
Updated
Why is Chainlink 
LINKUSDT pumping today?
Last month, I forecasted this coin on reach to a year-long resistance and to watch out for a potential breakout or pump in the upcoming weeks.
https://www.tradingview.com/chart/LINKUSDT/34ZfY3y2-LINK-About-to-reach-a-year-long-resistance/
Now,LINKUSDT pumped because of a year-long breakout, that's 16 months to be exact.
What should we do next?
Scalping either long or short would be best in my opinion but be sure to have a setup for that strategy. For intraday traders, be patient for finding some possible bullish patterns (mini resistance breakouts, head and shoulders, cup and handle) as the coin is still in an uptrend. Take note, we can see retracements for the coin price, as the price would wait to be stable from the yearly breakout.
From a technical standpoint, I would rely on identifying a common resistance for a potential take profit area.
I find the $11,446 resistance line convincing since it presents strong support and could be a new resistance line for the coin (click the chart above for better quality). Another would be at near $12 range, based on the fib retracement of .382 from its all-time high.
This would take possibly a week or more in order to reach that price that I've mentioned.
If you entered the breakout, congratulations! Now, you need to do set a protective stop profit in tranches.
Plot your support line because that will be a guide in taking partial stop profits. In this case, I would plot a diagonal support line. If a breakdown happens with confirmation of candles and your indicators, you could take a bit of your profit OR for those who did not enter, execute a scalp short play and plot your Fibonaccis.
I'll add more forecast to this idea but will update you in the comments section.
Thanks to those who are supporting my past ideas, means a lot. Feel free to comment your questions or suggestions and please follow my profile on this platform for more of this and possibly add more trading content.
PLAN your trades, happy trading!
LINKUSDT pumping today?Last month, I forecasted this coin on reach to a year-long resistance and to watch out for a potential breakout or pump in the upcoming weeks.
https://www.tradingview.com/chart/LINKUSDT/34ZfY3y2-LINK-About-to-reach-a-year-long-resistance/
Now,
LINKUSDT pumped because of a year-long breakout, that's 16 months to be exact. What should we do next?
Scalping either long or short would be best in my opinion but be sure to have a setup for that strategy. For intraday traders, be patient for finding some possible bullish patterns (mini resistance breakouts, head and shoulders, cup and handle) as the coin is still in an uptrend. Take note, we can see retracements for the coin price, as the price would wait to be stable from the yearly breakout.
From a technical standpoint, I would rely on identifying a common resistance for a potential take profit area.
I find the $11,446 resistance line convincing since it presents strong support and could be a new resistance line for the coin (click the chart above for better quality). Another would be at near $12 range, based on the fib retracement of .382 from its all-time high.
This would take possibly a week or more in order to reach that price that I've mentioned.
If you entered the breakout, congratulations! Now, you need to do set a protective stop profit in tranches.
Plot your support line because that will be a guide in taking partial stop profits. In this case, I would plot a diagonal support line. If a breakdown happens with confirmation of candles and your indicators, you could take a bit of your profit OR for those who did not enter, execute a scalp short play and plot your Fibonaccis.
I'll add more forecast to this idea but will update you in the comments section.
Thanks to those who are supporting my past ideas, means a lot. Feel free to comment your questions or suggestions and please follow my profile on this platform for more of this and possibly add more trading content.
PLAN your trades, happy trading!
Trade active
Partially took a stop profit from a mini breakdown.Trade active
We saw a breakout from the cup and handle upper resistance at $9.75. This is a note that even though you did not enter a position from the massive movement, you can still wait for bullish patterns. True enough, a pattern has been materialized.
Note
LINK has reached $11.Note
Add price alert on the $11 trendline for a potential breakout, preferrably scalping play.Note
Currently retesting its breakdown from the neckline of the double top pattern. Still consider the $11 price resistance.Trade closed: stop reached
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