With this current BTC drop, it has given another opportunity to jump in to accumulate more BTC or LINK at a cheaper price. I jumped in at the 0.382 level for another trade. Usually I look for the 2nd touch to confirm the support level, but with some bullish charts like this, you might have to accept 1 touch, as per chart below It has confluence at a previous resistance as well as the fib level. Note: The 0.5 level looks more inviting or sound.
Looking at the weekly, the structure and indicator is still bullish. No red candle stick or large wick yet.
Looking at the 2Day chart, a similar story.
Looking at the macro level, there is still a chance that Link can go parabolic, only if BTC holds the 8900-9K level and then up.
You have to be in it to win it.
Please give me a like or tick for this post.
Cheers, S.Sari
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Key levels for the time being. So if there is a pullback, I'm ready.
Agree the macro level are not showing sign of reversal, I am taking a bet here, looking on the 4H the RSI and volume are showing divergence, and I am thinking this scenario could happen, what do you think?
ssari
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@RX_Wolf, If I was to guess, the bearish div. will play out as per your chart however I don't see H/S for that is bearish. The key point, the RSI level for the bounce. Where ever that equates to price is yet to be determined.
@ssari, Yes the possibility for H/S to form is still quite low, and overall the bullish sentiment for LINK ain't over yet, I don't except a dump to occur, but a retest to support.