Hi everyone. It's time for another glorious BINANCE:LINKBTC analysis. So far I've been on the money pretty well, so be sure to pay attention to this one. I recommend that new readers check my previous trades for this coin.
I'm back from my holiday, so as promised, here's the new analysis! The ABCDE scenario I outlined last time has been invalidated already as the price didn't want to touch the old trendlines any more. So as you can see, it has turned into an ABC correction, which is in this case the same as an ABCD pattern! The new downwards trendline is lower than the previous one, which also makes the scenario of a symetrical triangle breaking upwards less likely- it's less symetrical now -> the pattern is less reliable.
This means that there are 2 downward legs separated by one smaller upwards wave, and the 2 downward legs are parallel to each other. This is one of the most well known and reliable patterns in trading, so watch out for this! The target is marked "C" on the graph, but that's the same as D in the ABCD pattern... weird I know. But try to keep up here.
Sell Signals
[*We just broke past and CONFIRMED below the 55 EMA, which has acted as support a few times in the recent past already. This is a strong sell signal already.] [*We broke an upwards trendline with high volume] [*BTC is also looking more bullish, which seems to be bad news for alts in the current market] [*MACD ticking downwards] [*ABCD]
One possible buy signal that could go against this is that we still haven't broken all big support levels in this area.
Hope this was helpful to you. I do this for your own enjoyment so please don't forget to leave a like! Also if you have something to say, don't be shy to leave a comment.
Love, Etch
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As a disclaimer, I sold link prior to posting my previous analysis, so entering a position here may not be for traders who want a much higher R:R, however it could still be viable as a swing trade.
Trade closed: stop reached
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This one did not go so well, due to google partnership. You can't really plan for these things sometimes, and just gotta stick to a stop loss.