Confluence of factors make me think Link is headed towards a hefty retrace now that its bearishly retesting 23k sat level as resistence. Horizontal from the range high in June is around 23k sats which has held as support for most of month of July until recently. It appear to have faked out above it briefly in the last week. It also broke the trendline since this big move upwards and now appears to also be bearishly retesting that. For confluence, its also bearishly retesting the bottom of the dailly cloud/ kijun. You could go with a fairly tight stop here around 22.6k sats or a little above 23k. Take profit levels at 20k, 16.5k and 15k, main target shooting for 11-12k sats.
Although LINK has been one of the altcoins outperforming other alts and keeping an overall bullish trend intact, its gone a bit crazy on news of partnerships in the last month or 2 and in my experiences, these news pumps always die or retrace at some point.
Although LINK has been one of the altcoins outperforming other alts and keeping an overall bullish trend intact, its gone a bit crazy on news of partnerships in the last month or 2 and in my experiences, these news pumps always die or retrace at some point.
Comment:
There is a possibility that its retesting a bullish consolidation pattern trendline as support now after breaking out but its a bit messy. Easiest to see on the 4h chart. Thats why i like the tightish stop here that i think offers good R?R