LINK has broken down from a descending triangle and is now retesting broken resistance.
There is a very high confluence of support around 5.55, which is the measured move for this descending triangle (see the vertical yellow line).
The final target is the 0.618 from the prior impulse move up.
Do LINK bears exist? We're about to find out!
Please leave a link if you found value in this post. The most likes I get the more incentivized I become to post more technical analysis!
Thanks and have a wonderful day!
---
Entry: 5.9219
Entry Zone: 6.03-5.84
T1: 5.79
T2: 6.61
T3: 5.3714
Stop: 6.1041
--
R:R: 3.02
Risk: 3.08%
Reward: 9.3%
Leverage: 7X
Leveraged Risk: 21.56%
Leveraged Reward: 65.1%
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.
There is a very high confluence of support around 5.55, which is the measured move for this descending triangle (see the vertical yellow line).
The final target is the 0.618 from the prior impulse move up.
Do LINK bears exist? We're about to find out!
Please leave a link if you found value in this post. The most likes I get the more incentivized I become to post more technical analysis!
Thanks and have a wonderful day!
---
Entry: 5.9219
Entry Zone: 6.03-5.84
T1: 5.79
T2: 6.61
T3: 5.3714
Stop: 6.1041
--
R:R: 3.02
Risk: 3.08%
Reward: 9.3%
Leverage: 7X
Leveraged Risk: 21.56%
Leveraged Reward: 65.1%
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.
Note
Follow this channel now for regular technical analysis on the top 20 cryptos! We are all future millionaires!Note
First target was hit, then was stopped out. A breakdown below 5.90 again could lead to some nice downside, so I'm going to keep an eye on that area. I'm also looking for a breakout to a new all time high (ATH). I'll try to post a chart for a breakout soon. T1: 5.79 - HIT!!! - (15.6% Gain)
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.