LINKUSDT Downward Pressure Race between 12h and 1d In Progress
Updated
There is currently a downward pressure race between the 12h and 1d timeframe, where to see a reversal to upward pressure, we need the White Energy to cross and close above the 50 level in the 12h timeframe BEFORE the Red RSI in the 1d timeframe crosses below the 50 level.
There is a good chance of the 12h winning the race, considering that the shorter timeframes (90min, 3h and 6h) are starting to show some upward pressure with the Green Line already turning up with the Red RSI and Blue LSMA, although the White Energy is still above the Green Line in these timeframes. Upward pressure will be more prominent once the Green Line is above the White Energy in all short term timeframes. Currently, the Green Line is already above the White Energy in the 45min timeframe.
We observed almost a 35% drop from the top of 44.3USDT to a low of 28.8USDT over the weekend and the price is slowly recovering at the moment. The White Basis of the Pitchfork was tested and strong support was shown there as the price bounced strongly from the trendline and the daily candle ultimately closed at 39USDT.
The Red Trendline was also tested as support again yesterday and it is looking quite promising for LINKUSDT at the moment since both trendlines has shown to be relatively strong supports. The price could range between the Purple and Red Trendline for now if the resistance at the Purple Trendline is not able to be broken.
There is a good chance of the 12h winning the race, considering that the shorter timeframes (90min, 3h and 6h) are starting to show some upward pressure with the Green Line already turning up with the Red RSI and Blue LSMA, although the White Energy is still above the Green Line in these timeframes. Upward pressure will be more prominent once the Green Line is above the White Energy in all short term timeframes. Currently, the Green Line is already above the White Energy in the 45min timeframe.
We observed almost a 35% drop from the top of 44.3USDT to a low of 28.8USDT over the weekend and the price is slowly recovering at the moment. The White Basis of the Pitchfork was tested and strong support was shown there as the price bounced strongly from the trendline and the daily candle ultimately closed at 39USDT.
The Red Trendline was also tested as support again yesterday and it is looking quite promising for LINKUSDT at the moment since both trendlines has shown to be relatively strong supports. The price could range between the Purple and Red Trendline for now if the resistance at the Purple Trendline is not able to be broken.
Note
The Purple Trendline is still acting as resistance as expected.
Note
Red Trendline tested again as support.
Note
The 12h timeframe has won the downward pressure race as expected. But the White Energy is still above the Green Line in the 90min, 3h and 6h. The Green Line is however, going up quite strongly in these timeframes.
Once it gets above the White Energy, we could reasonably conclude that downward pressure has reversed in the short term to sustained upward pressure.
Note
The 12h candle ended up closing with the White Energy below the 50 level, resulting in the 1d timeframe winning the race as the Red RSI has reached below the 50 level first. This is a good example as to why we should not arrive at conclusions too soon and wait for candle closes.
The race is now on between the 1d and 2d timeframe.
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.