eganon69

$LINKUSD About to Breakout. GIANT Wedge Formation

Long
KRAKEN:LINKUSD   Chainlink / U. S. Dollar
I have noticed a rotation in Crypto and stocks that has been occuring over the last several weeks from GROWTH to VALUE. $LINKUSD is one of those Value cryptos with the recent annoucnement of upcoming staking and limiting supply. Seems the Charts suggest a BIG Breakout is coming.

GIANT WEDGE Formation shows price consolidating. When we see price consolidation some of the best trades can be placed because there is the biggest REWARD,....BUT you need to know direction. If you enter too soon without confirmation you may be left wiping your tears with your floor as you see an explosive move turn against you. Consolidations give some of the best trade opportunities but patience is needed to ensure direction.

How I tell direction is consolidations is using a combination of EMA 39 and CMF ( Chaikin Money Flow ). I am NOT a huge proponent of Indicators except TIMING OF ENTRIES to a trade what Price Action signals. But sometimes we get mixed signals so I do rely on CMF ( Money Flow ) which tells us if people are putting $$ into ro pulling $$ out of markets. I have found the 3D charts to be the most reliable in crypto.

FIRST, Price is above the EMA 39 and restesting the EMA 39 after breaking above as we come to the apex of the wedge . That suggests price will go HIGHER.

SECOND, we have broken above Horizontal Support (Green Horizontal line) at $25.29.

THIRD, notice that Money is Flowing INTO $LINK and that it is rising as well as above the ZERO line.

A LOW Risk entry for me is to BUY at or just above EMA 39 Support (ENTRY = $25.76) with SL BELOW recent lows (< $22.18). I expect an UPSIDE Target Price of testing the ATH at $53.
Trade active: Order filled

Entry = $25.76
Trade active: Just ADDED to my position even though this is a small LOSER right now.

Money just KEEPS ON FLOWING INTO LINK!! Price is retesting 200 day EMA.
(See chart below)

2nd Entry = $25.21
Avg Entry Price = $25.485

Trade active: I know it goes against certain trading principles but I ADDED again to my $LINK position. We retraced AGAIN to the EMA 39 which for me is a KEY level. I am STILL seeing Money Flowing INTO $LINK. So I bought MORE at $23.79. Now my current AVG Entry Price is $25.09.

I tend to scale into positions little bit at a time so I don't have too much at risk right away.

My SL is way down at $17.04. So I am willing to do this.

I am also adding to my Longterm Hold of $LINK as I think this will be a key player in the future of Blockchain and smart contracts especially after their recent partnership with Cardano to supply data for their smart contracts which are just now starting.

Trade what you see.

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