LINKBTC Bearish Divergence| Structural Support| .618 Fibonacci
Evening Traders!
Today’s technical analysis will focus on LINK’s blue sky breakout that currently has a probable bearish divergence at play.
Points to consider,
- True blue sky breakout
- Structural support (S/R flip) confirmed
- .618 Fibonacci in confluence
- RSI diverging from price
- Volume nodes below average
LINKBTC has been in price discovery mode where there is no established resistance; this can be reflected by the VPVR.
The structural support has been tested confirming the S/R Flip. This level is also in confluence with the .618 Fibonacci – only if current local top is in.
RSI is diverging from price, putting in a lower high whilst the price puts in a higher low; this is a sign of topping out. The stochastics in currently projected downwards with lots of stored momentum.
The current volume nodes are below average after initial impulses, signalling a potential climax in buying.
Overall, in my opinion, LINKBTC may have put in a potential local top; a retrace to the .382 Fibonacci is the next logical target. If this level fails to hold, then a second retest of structural support comes in at play.
What are your thoughts?
Please leave a like and comment,
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore
Today’s technical analysis will focus on LINK’s blue sky breakout that currently has a probable bearish divergence at play.
Points to consider,
- True blue sky breakout
- Structural support (S/R flip) confirmed
- .618 Fibonacci in confluence
- RSI diverging from price
- Volume nodes below average
LINKBTC has been in price discovery mode where there is no established resistance; this can be reflected by the VPVR.
The structural support has been tested confirming the S/R Flip. This level is also in confluence with the .618 Fibonacci – only if current local top is in.
RSI is diverging from price, putting in a lower high whilst the price puts in a higher low; this is a sign of topping out. The stochastics in currently projected downwards with lots of stored momentum.
The current volume nodes are below average after initial impulses, signalling a potential climax in buying.
Overall, in my opinion, LINKBTC may have put in a potential local top; a retrace to the .382 Fibonacci is the next logical target. If this level fails to hold, then a second retest of structural support comes in at play.
What are your thoughts?
Please leave a like and comment,
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore