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LINKUSD trade ideas

LINK: Is $8 sustainable?After a month of side trading, LINK finally made its break from the $5-$7 channel. This move was supported by generally increased optimism on the crypto market. However, charts are currently raising a question: how sustainable is the level of $8 for LINK? LINK started the previous week at the $6 support line and made a swift move toward the $7 resistance line. With increased market optimism, this line was breached to the upside, and LINK managed to reach the long term resistance line at $8, where it is finishing the week. Resistance line has been tested, but it has not been breached. RSI was moved to the level of 65, leaving some minor space for the price to go higher until a clear overbought market is reached. Moving averages of 50 and 200 days continue to move as two parallel lines, without indication that the convergence might start soon. Technical analysis is suggesting that LINK will start next week by clear testing of the $8 long term resistance line. In case that the market finds the strength to push the price higher, then the coin might seek the way toward the next resistance at $9.0. On the opposite side, there is high probability for a short term price reversal toward the support line at $7.0 in order to test it for one more time.
COINBASE:LINKUSD
by XBTFX
3
LINK: $7 is currently a hard taskFor over a month, side trading is a dominant way of trading for LINK. Previous week was not different. Coin started the week at level of $6.3 and reached weekly highest level at $7.5, before it slipped back below $7. With the latest moves, the resistance line at $7 has been clearly tested, but the market just didn’t have enough strength to sustain the coin at higher grounds. During the week RSI moved from level 50 up to 59. This is an indication that the market is eyeing the overbought side, however, there is still no market potential for such a move. Moving average of 50 days slowed down significantly its divergence from MA200, however, there is still no indication that convergence might start soon. Current charts are showing that the market is still eyeing the overbought side, which is adding to the probability that $7.0 resistance will be tested one more time in the coming days. Considering highly decreased trading volumes, it could not be said if this level would be clearly breached in the coming days. On the opposite side, the support line stands at $6.0, which might be tested one more time, before the market finally reverts to the upside.
COINBASE:LINKUSD
by XBTFX
LINK: is it time for higher levels, or still not?Side trading continues for LINK third week in a row. During the previous week, the coin managed to move in a range from $5.6 up to $6.57. On a positive side is that during the last four days, buying orders were the dominant one on the market, which might further support the coin in the week ahead. Positive development as of the end of the week was that RSI was pushed modestly above line of 50. This is indication that the market is looking for the path toward the overbought side. With such development, a path to a new resistance level might be open. Moving averages of 50 days stopped its modest divergence from MA200 counterpart and currently they are moving as two parallel lines. Still, there is no indication of a possible convergence toward each other and cross in the coming period. As per technical analysis, there is still space for LINK to test the $7.0 resistance line, which coin did not manage to do during the previous week. As daily trading volumes are decreased, the market still does not have strength for a clear move toward $7.0 and above. However, dominant buying orders are increasing such possibilities. On the opposite side, the support line at $6.0 might be tested for one more time.
COINBASE:LINKUSD
by XBTFX
LINK: $6 support holding stronglyLINK started July with side trading. After reaching the $6 support line, there has not been further market strength to push the price to the downside, so the price managed strongly to hold to this level. This is actually good news for LINK, considering overall negative market sentiment due to macroeconomic developments. The price range during the week was $6.13 up to $6.8. Resistance line at $7.0 has not been clearly tested which leaves some space for the coin to test it in the coming period. RSI reflected market side trading and was moving between 46 and 48. There is still no clear indication that the market is ready to push the price toward the overbought territory. Technical analysis is pointing to a potential for a $7.0 resistance line to be tested in the coming period. In case that this level is breached to the upside, long term resistance line at $8 might be LINK`s next target, however, there is no clear indication that this might happen during the week ahead. On the opposite side, a probability is holding for the $6 support line to be tested once again.
COINBASE:LINKUSD
by XBTFX