What is up Traders!
Hope you're all doing well where ever you are!
Today’s Technical Analysis will focus on LINK/BTC looking to test structural support historically being the pivotal point with a probable break to the upside.
Points to consider:
- Bullish uptrend, Consecutive higher lows
- MACD looking flat with some hidden bullish divergence
- Trend and local support holding
- Volume below average
- Structural resistance holding
- Red Fib-extension target showing a retest of structural support
- Blue Fib-extension showing targets to the upside
Links trend has been bullish with consecutive higher lows being established with impulsive bull moves. Current local and trend support being held, historically being the pivot point. A break of these technical indicators will test structural support with overall uptrend still valid.
Fibonacci extension targets to the downside lining up with trend support giving another confirmation price is likely to test this area.
The volume nodes in a constant decline are well below average with MACD flattening out, sign that a decisive move is imminent from current technical trade location.
A break through resistance will continue the bullish bias, LINK will then likely form a double top or take out highs and enter a blue sky breakout.
Overall, in my opinion, LINK/BTC is holding key support which historically has been the pivotal point leading into impulsive bull moves. But considering how this market moves and the nature of crypto, a head-fake close below will likely test structural support, where if the price is held, again likely to continue its uptrend.
An aggressive entry would be at the trend support with a relatively tight stop or a safer entry as price breaks and re-tests structural resistance.
What are your thoughts, would you go long or short for this setup?
If you like what you see, please show some love by leaving a like and comment!
Hope you're all doing well where ever you are!
Today’s Technical Analysis will focus on LINK/BTC looking to test structural support historically being the pivotal point with a probable break to the upside.
Points to consider:
- Bullish uptrend, Consecutive higher lows
- MACD looking flat with some hidden bullish divergence
- Trend and local support holding
- Volume below average
- Structural resistance holding
- Red Fib-extension target showing a retest of structural support
- Blue Fib-extension showing targets to the upside
Links trend has been bullish with consecutive higher lows being established with impulsive bull moves. Current local and trend support being held, historically being the pivot point. A break of these technical indicators will test structural support with overall uptrend still valid.
Fibonacci extension targets to the downside lining up with trend support giving another confirmation price is likely to test this area.
The volume nodes in a constant decline are well below average with MACD flattening out, sign that a decisive move is imminent from current technical trade location.
A break through resistance will continue the bullish bias, LINK will then likely form a double top or take out highs and enter a blue sky breakout.
Overall, in my opinion, LINK/BTC is holding key support which historically has been the pivotal point leading into impulsive bull moves. But considering how this market moves and the nature of crypto, a head-fake close below will likely test structural support, where if the price is held, again likely to continue its uptrend.
An aggressive entry would be at the trend support with a relatively tight stop or a safer entry as price breaks and re-tests structural resistance.
What are your thoughts, would you go long or short for this setup?
If you like what you see, please show some love by leaving a like and comment!