$LINK targeting $2.72?NASDAQ:LINK looks like it's on the verge of a breakdown of it's H&S top. Should price break below $12.78, the target for the move would be $2.72.
We just got our first red candle on the 2D heikin ashi which increases the likelihood that it rejects here and falls lower below $12.78.
Let's see how it plays out over the coming months.
LINKUSD trade ideas
LINKUSD is approaching an important resistance areaHey Traders, in today's trading session we are monitoring LINKUSD for a selling opportunity around 14.400 zone, LINKUSD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 14.400 support and resistance area.
Trade safe, Joe.
LINKUSDT
As previously mentioned, I anticipated the price to reach approximately 10.6 levels when it was trading around 14 dollars. Today, LINK has reached 11 dollars, which may represent the bottom. The head and shoulders pattern has not yet been confirmed and appears more likely to be manipulative.
LINKUSD: Approaching Critical Support – Major Move Ahead?Introduction:
As we navigate through 2024, LINKUSDT finds itself at a pivotal juncture. The cryptocurrency has reached a significant support level, and traders are closely monitoring its next move. Will it hold or will we see a substantial correction? Here’s a detailed analysis of the potential scenarios unfolding on different timeframes.
Weekly Timeframe Analysis:
LINKUSDT has reached a crucial support level at $13.1, the most important one for 2024. A breakdown below this level could trigger a sharp correction down to $7. This move would likely lead to a retest of the accumulation zone built over the past year.
Key observations:
Price Action: The price has failed to establish higher highs in the last three peaks.
RSI Divergence: The RSI is forming lower highs, signaling weakening momentum.
Volume Analysis: Decreasing volume during the formation of the accumulation box indicates low buying interest.
Given these factors, there's a strong possibility that the accumulation box will break to the downside.
Daily Timeframe Insight:
A head and shoulders pattern appears to be forming on the daily chart. The price is currently testing the neckline. Should the $13 support fail and a daily candle closes below this level, we could see a significant correction – potentially around 40%, aligning with the head and shoulders target.
4-Hour Timeframe Outlook:
In line with the bearish higher timeframes, if a candle closes below $12.97 on the 4-hour chart and the RSI enters the oversold territory simultaneously, it could signal the start of a new bearish wave. The first target for this move would be $10.63.
Conclusion:
LINKUSDT is at a make-or-break point. The critical support levels identified across multiple timeframes suggest that traders should be prepared for significant volatility. Whether it’s a breakdown or a rebound, these levels will be crucial in determining the next major move for LINKUSDT. Stay vigilant and adjust your strategies accordingly.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.
Chainstink About To Smell Good?Chart long term looks very good with the view that $5~ was our stone bottom and we are early days of what appears to be a new bull trend - structure off the bottom is textbook impulsive and is giving me more confidence in this forecast - Accumulating here seems to be a decent play for a long swing to capture a potential upcoming alt season.
Chainlink investment technicalsThe cycle low consolidation located atop the golden ratio of the primary cycle indicates a new cycle, after a similar pattern to last (2018-2019)
The new cycle is on track with last (2019-2020) with a potential for breakout indicated by market structure..
Bitcoin is coming to 60% of the market, meanwhile massive altcoins stay at relatively lower market capitalization relative to bitcoin. (keep in mind bitcoin is at ATH now and above important moving averages)