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ChainLink / TetherUS PERPETUAL CONTRACT

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LINKUSDT.P trade ideas

LINK → Chainlink About to Breakout!? Let's Maximize Profits!Chainlink bounced off the top of the Resistance Zone at $20.00 and is threatening to break out. Is this a situation that calls for a long or a short? How do we trade this? 🤔 Never long in a Resistance Zone! But also, don't short prematurely. I believe LINK will make an attempt to break out of the Resistance Zone, but we need confirmation of the break before we can enter a long trade. Wait for a strong close above $20 followed by a test of the Resistance Zone as support. Once we see a strong bull bar closing on or near its high after a bounce on the Resistance Zone, we have the justification to enter a long trade. I do believe that Bitcoin has a high likelihood of pulling back into the $30,000-$35,000 range before we see new all-time highs. Such an event will likely drag the altcoin market down with it. This is partially why this trade is set up to take half profits at 1:1 Risk/Reward and move the stop loss up to the entry price, locking in profits. The remainder of the trade can then be executed without worry of loss. 💡 Trade Idea 💡 Long Entry: $21.60 🟥 Stop Loss: $17.185 ✅ Take Profit #1: $26.00 ✅ Take Profit #2: $34.85 ⚖️ Risk/Reward Ratio: 1:3 🔑 Key Takeaways 🔑 1. Two strong pushes to the upside 2. Strong resistance at Resistance Zone 3. Price action still above EMA ribbons 4. Wait for a break, close, and test of the Resistance Zone as support to enter a long trade 5. RSI at 70.00 and above the moving average, supports pullback then long 💰 Trading Tip 💰 Trends typically have three legs in either direction. Signals of a reversal include strong buy or sell bars with large wicks, higher highs and lower lows get weaker, and responses to the reverse direction get stronger. Confirmation lies with double and triple bottoms with a strong candle closing on or near its low/high. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and Follow to learn more about: 1. Reading Price Action 2. Chart Analysis 3. Trade Management 4. Trading Psychology
Long
by TraderEngineering
6
"Patterns hidden by patterns."No financial Advice. “There are only patterns, patterns on top of patterns, patterns that affect other patterns. Patterns hidden by patterns. Patterns within patterns. If you watch close, history does nothing but repeat itself. What we call chaos is just patterns we haven't recognized. What we call random is just patterns we can't decipher. What we can't understand we call nonsense. What we can't read we call gibberish. There is no free will. There are no variables.” ― Chuck Palahniuk, Survivor
Long
by Kidjack_666
4
ChainLink (LINK) Price Analysis: Identifying Key Market PhasesThis detailed chart a technical analysis of the ChainLink (LINK) cryptocurrency against Tether (USDT) on the Binance platform. As observed, the LINK price movements oscillate between two key market phases: Accumulation and Expansion. Starting from the left, the chart begins with an 'Accumulation' phase – a period where price action is relatively flat and confined within a tight range, indicating that investors are accumulating the asset. After accumulation, the market enters an 'Expansion' phase, where prices break out of the range and trend higher or lower, as shown by the sharp upward and downward movements. The annotated chart projects future market behavior based on historical patterns. After a phase of expansion, it is anticipated that the market will revert to accumulation, where the price stabilizes before the next expansion phase. This cycle is expected to repeat, reflecting the market's natural rhythm of growth and consolidation. The price levels are clearly marked, indicating past and potential future resistance and support levels. Key price points, such as the previous high, are highlighted to provide strategic insights. Moreover, the green and red shaded areas represent potential zones where price action may be more bullish or bearish, respectively. Understanding these market phases can be crucial for traders looking to make informed decisions on entry and exit points. It's important to note that while historical patterns can provide guidance, they do not guarantee future outcomes. Traders should use this analysis in conjunction with other indicators and market news." Feel free to adjust the description to better fit your analysis or the message you wish to convey to your TradingView audience.
Long
by perotrade