LINK will recover?
LINK has been consolidating in almost a year (May 2022). The price action seems to be a Wyckoff accumulation (Schematic 1) and a Spring/Test is under confirmation.
As a result, a trade set-up is as in chart. One can enter here (risky option) or wait for a successful retest (safer option).
Generally, it's important to consider also BTC moves for risk management of all other trades. In my opinion, BTC is facing a strong resistance at $30000.
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+11% since entryClosing above the EMA 50D is good sign for the next leg up. To be confirmed at daily close.
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LINK had made +20%.Now i'm waiting for retest $5.4-$5.5 to re-enter
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Link was 32% upStill on good track to the upper ranges.
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+53% since entry, possibly one more push then LINK will reach the current targetNote
LINK view in short-term
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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.