Chainlink (LINK) - Long opportunity with 5-10% profit
Updated
Facts:
- 1h chart, LINK has been testing many times its support at $33.30
- 1h chart, LINK seems to be in a bullshit flag
- 4h chart, LINK is still in an ascending channel going towards its resistance at around $32.6
Signals:
- 1h chart, we need to wait for the price close to break its resistance line (descending red line)
- 1h chart, we need to see the RSI crossing 50
- 1h chart, we need to see the MACD starting to reverse to the upside
Once we start breaking out the resistance line, we can go down to the 15 minutes chart to make an early entry.
Targets:
- Take Profit 1: $35 however I would advise to set it slightly below around $34.9
- Take Profit 2: $36.5 and might take slightly longer to reach.
Do you agree with this analysis?
- 1h chart, LINK has been testing many times its support at $33.30
- 1h chart, LINK seems to be in a bullshit flag
- 4h chart, LINK is still in an ascending channel going towards its resistance at around $32.6
Signals:
- 1h chart, we need to wait for the price close to break its resistance line (descending red line)
- 1h chart, we need to see the RSI crossing 50
- 1h chart, we need to see the MACD starting to reverse to the upside
Once we start breaking out the resistance line, we can go down to the 15 minutes chart to make an early entry.
Targets:
- Take Profit 1: $35 however I would advise to set it slightly below around $34.9
- Take Profit 2: $36.5 and might take slightly longer to reach.
Do you agree with this analysis?
Trade active
We broke the resistance line and entered the trade thanks to the 5 minutes chart. It's looking good so far.Trade active
This trade is a bit more challenging than expected due to Bitcoin massively going up and down... We're having a bit of a loss (0.34%) as I write this update but are close to our entry-level. Let's see how it evolves in the course of the next 2-3 hours.Trade active
Still in the trade, however:- $34 seems to be a very strong resistance. The price doesn't seem to manage to go beyond it.
- 4h chart: with the price stagnating close to $34, the MACD struggles to get to the bullish side and its RSI is slightly below 50.
- 1h chart: MACD is pretty flat in a slightly bearish trend and the RSI also just below 50.
- 15m chart: MACD is bullish but seems to go turn slowly bearish while the RSI is oscillating around 50. We are also forming a triangle which hopefully will result in a breakout to the upside.
Overall, it doesn't look very bullish, volumes are very low which is expected at this time of the day and weekend. With the BTC's Taproot upgrade, let's hope for a bullish movement.
Trade closed manually
We did break the triangle to the downside, too many bearish signs therefore I close the trade.
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