LINK -6h. Target reached - we are waiting for correction
Updated
Since the end of April, the LINK market has revived significantly and has begun to bring only positive emotions for investors. In 2 weeks, buyers managed to raise the LINKUSDT price by 75% and fill the upper trend line of the white channel. We wrote about this growth channel in our previous idea:
If you look at our previous idea, you will see that buyers succeeded in testing our target of $50. However, the LINKUSD price started a wave of growth without testing the strength of the range of $40-42. This range was the range of the previous all-time high, where a lot of liquidity gathered. We can see this in more detail by examining the trades on May 4, when buyers managed to break through this liquid zone:
Above the range of $40-42, buyers did not find it easier to push the price up. Sensing strong resistance in the chainlink market, buyers formed a consolidation that continues to this day.
In our subjective opinion, this consolidation is more likely to break down to the range of $ 40-42. It is in this zone that we will understand whether there are still ambitions for this coin among buyers and whether there is a chance for a continuation of the growth wave and a repetition of the successful growth of ETH.
While BTC's dominance continues to fall, Bitcoin continues to impact the crypto market, especially when it begins to correct. Looking at the BTCUSDT chart, one gets the impression that in the near future we are expecting at least a local wave of falling into the $54,000 range:
This scenario increases the likelihood of a local correction in the LINK market and testing buyers for strength.
______________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
If you look at our previous idea, you will see that buyers succeeded in testing our target of $50. However, the LINKUSD price started a wave of growth without testing the strength of the range of $40-42. This range was the range of the previous all-time high, where a lot of liquidity gathered. We can see this in more detail by examining the trades on May 4, when buyers managed to break through this liquid zone:
Above the range of $40-42, buyers did not find it easier to push the price up. Sensing strong resistance in the chainlink market, buyers formed a consolidation that continues to this day.
In our subjective opinion, this consolidation is more likely to break down to the range of $ 40-42. It is in this zone that we will understand whether there are still ambitions for this coin among buyers and whether there is a chance for a continuation of the growth wave and a repetition of the successful growth of ETH.
While BTC's dominance continues to fall, Bitcoin continues to impact the crypto market, especially when it begins to correct. Looking at the BTCUSDT chart, one gets the impression that in the near future we are expecting at least a local wave of falling into the $54,000 range:
This scenario increases the likelihood of a local correction in the LINK market and testing buyers for strength.
______________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
Trade closed: target reached
🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
Related publications
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.