LINKBTC trade ideas
LINK walking up the trend nicely I noticed the Adam and Eve Double bottom on LINK today.
so I am Keeping an eye on the small up trend here.
a close above previous structure could see a nice 21% move which would make the Adam and eve Double bottom valid
always consider what direction BTC is going when trading alts
LINKBTC
4hr
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CHAINLINK BUY AND SELL ZONES!!So everyone knows about chainlink buy now unless your living under a rock, but if so thats ok, heres some quick and easy buy and sell zones to keep an eye on.
everytime the RSI is over sold it tends to be a great buy time or DCA (dollar cost averaging) in. also around the bottoms before next run MACD seems to be a little laggy but histogram is right on.
The same goes for the over bought on the RSI tends to be a great time to sell. be good time to probaby scoop up a little on this now if you wanted. it wouldnt hurt.
Picking up $LINK on TD9 buy signal. I put my bid in two days ago in anticipation of LINK hitting this previous TD9 buy signal from September 22. I'm targeting a stop below the July support level, and am aiming my exit for a new ATH. I am extremely bullish on LINK, having gotten in on the ICO. I have not moved my tokens until a few weeks ago when I converted half of my funds to the Yearn yaLINK vault. This is a much smaller position, sized according to Elder's 2% rule.
I'll be looking to move my stop as we approach the Aug 8 TD Sell signal for capital preservation and a no-risk trade.
LINK/BTC: Imminent Breakout Analysis - 1D, 1HIn this post, I'll be providing an analysis on Chainlink (LINK), shedding light on its daily and hourly chart through technical analysis.
Daily Chart Analysis
- To begin with, the daily chart is on the left, and the hourly on the right
- The daily chart demonstrates that prices are trading within a descending channel, forming lower highs and lower lows
- The Relative Strength Index (RSI) is at neutral levels, showing signs of a potential breakout
- The Moving Average Convergence Divergence (MACD) is forming a potential death cross, but has not provided confirmation yet
- We can interpret the current setup as a consolidation phase of a bullish flag pattern
- Should we see prices break through the upper channel resistance, we could potentially expect another leg up to 0.002btc
Hourly Chart Analysis
- Zooming in on the hourly, we see clearer signs of bullishness
- Prices are forming an ascending triangle pattern, in which the tops of the pattern are rejected at 0.000894 btc levels, while higher lows are formed
- The RSI is also in an uptrend, forming higher lows as a sign of momentum building up
- Based on the ascending triangle pattern, we can count Elliott triangle waves (ABCDE)
- This wave count shows that a breakout through the triangle pattern is very imminent
- The 100 Simple Moving Average (SMA) on the hourly chart is a good reference of support/resistance zones.
You can check out my other analysis on Waves (WAVES) which had a very similar setup: an ascending triangle within a descending parallel channel.
Conclusion
Chainlink seems like it's headed to retest previous highs as indicators and bullish pattern setups demonstrate potentiality for a breakout.
However as always, don't predict the market. Take it by levels, and play by probabilities.
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