LINK/USDT 1H: Bearish Breakdown – Targeting $17.20 Support?"
LINK/USDT 1H: Bearish Breakdown – Targeting $17.20 Support?
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Current Market Structure:
Market Maker Activity:
Technical Indicators:
Trade Setup (Confidence 7.5/10):
Risk Score:
8/10 – High-risk environment with a favorable risk-to-reward, provided key levels hold.
Recommendation:
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Current Market Structure:
- Price is exhibiting a bearish trend after breaking key support at $18.40.
- Current trading around $17.83 indicates further downside potential.
Market Maker Activity:
- Distribution pattern is visible with lower highs and lower lows.
- Market makers are likely targeting liquidity around $17.20.
Technical Indicators:
- Hidden bearish divergence on RSI reinforces the downtrend.
- Volume profile confirms ongoing distribution.
Trade Setup (Confidence 7.5/10):
- Entry: Short entry on a retest in the $17.90-$18.00 zone.
- Targets:
- T1: $17.40
- T2: $17.20
- Stop Loss: Place above recent highs at $18.45.
Risk Score:
8/10 – High-risk environment with a favorable risk-to-reward, provided key levels hold.
Recommendation:
- Short positions are recommended once a retest of the $18.00 resistance is confirmed.
- Monitor volume closely and wait for confirmation before entering.
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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.