LINK/BTC Triple Top | Parabola Continuation?
Hello Traders,
Hope all is well!,
Today’s chart update will be on LINK with an impressive parabola, will bulls have enough momentum to retest staunched resistance, which has recently put in a triple top?
Points to consider,
- Trend bullish
- Strong resistance
- RSI neutral
- Stochastics projected up
- EMA’s giving resistance
- Low volume
Link is in a bull trend which has put in consecutive higher lows and is now testing its local support area. Price has put in a triple top, a bearish indication from a staunched level that needs to break for a bullish bias.
The RSI is currently neutral; it needs to break its resistance for a confirmation in a parabola continuation. Stochastics are currently projected up, as of now, trading in lower regions where it can stay for an extended period of time; however we do have lots of momentum to the upside.
The EMA’s are currently giving price resistance, needs to turn bullish at current support level, otherwise a break will be imminent. Volume is extremely below average at current given time, an influx of volume is required, bullish and or bearish, to confirm immediate direction of trend.
Overall, in my opinion, if local support is not held, the parabola will be negated. It would then be more probable to test lower support levels whilst still being in an overall bull trend.
What are your thoughts on LINK, will it respect local support?
Please leave a like and comment,
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
Hope all is well!,
Today’s chart update will be on LINK with an impressive parabola, will bulls have enough momentum to retest staunched resistance, which has recently put in a triple top?
Points to consider,
- Trend bullish
- Strong resistance
- RSI neutral
- Stochastics projected up
- EMA’s giving resistance
- Low volume
Link is in a bull trend which has put in consecutive higher lows and is now testing its local support area. Price has put in a triple top, a bearish indication from a staunched level that needs to break for a bullish bias.
The RSI is currently neutral; it needs to break its resistance for a confirmation in a parabola continuation. Stochastics are currently projected up, as of now, trading in lower regions where it can stay for an extended period of time; however we do have lots of momentum to the upside.
The EMA’s are currently giving price resistance, needs to turn bullish at current support level, otherwise a break will be imminent. Volume is extremely below average at current given time, an influx of volume is required, bullish and or bearish, to confirm immediate direction of trend.
Overall, in my opinion, if local support is not held, the parabola will be negated. It would then be more probable to test lower support levels whilst still being in an overall bull trend.
What are your thoughts on LINK, will it respect local support?
Please leave a like and comment,
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader