LINK Macro Channel| Overthrow| 4.23 Fib Target| Mean Reversion
Evening traders,
Today’s analysis – LINKBTC – price in discovery mode breaking above resistance, a mean reversion is probable.
Points to consider,
- Price discovery
- Over throw (Resistance)
- Mean confluence ( 2.618)
- Oscillators overbought
- Volume increasing (Volume climax needed)
LINKBTC’s trend is in a channel, clear respect of support and resistances. This gives us a bias of a mean reversion to the trend.
The channel resistance will establish an overthrow if price respects the 4.23 Fibonacci extension, common in trapping long buyers.
An impulse sell is likely to the mean (support) which is in confluence with the 2.618 – LINKBTC may establish a range here.
Oscillators are both overextended, indication that the market will be due for a pull back at some point.
Volume is increasing; a volume climax is needed to mark a temporary top, which is logically most probable at the test of the 4.23 Fibonacci.
Overall, in my opinion, LINKBTC is likely to respect the 4.23 before a reversion, this will establish an overthrow.
Top fishing plays are valid here with defined risk.
What are your thoughts?
Thank you for follow my work!
And remember,
“Trading mastery is a state of complete acceptance of probability, not a state of fight it.” ― Yvan Byeajee
Today’s analysis – LINKBTC – price in discovery mode breaking above resistance, a mean reversion is probable.
Points to consider,
- Price discovery
- Over throw (Resistance)
- Mean confluence ( 2.618)
- Oscillators overbought
- Volume increasing (Volume climax needed)
LINKBTC’s trend is in a channel, clear respect of support and resistances. This gives us a bias of a mean reversion to the trend.
The channel resistance will establish an overthrow if price respects the 4.23 Fibonacci extension, common in trapping long buyers.
An impulse sell is likely to the mean (support) which is in confluence with the 2.618 – LINKBTC may establish a range here.
Oscillators are both overextended, indication that the market will be due for a pull back at some point.
Volume is increasing; a volume climax is needed to mark a temporary top, which is logically most probable at the test of the 4.23 Fibonacci.
Overall, in my opinion, LINKBTC is likely to respect the 4.23 before a reversion, this will establish an overthrow.
Top fishing plays are valid here with defined risk.
What are your thoughts?
Thank you for follow my work!
And remember,
“Trading mastery is a state of complete acceptance of probability, not a state of fight it.” ― Yvan Byeajee