Will This Be The Breakout We're Looking For?
Hello!
It's hard to tell what LINKUSDT is doing on the short term time frames sometimes. Because of that I zoomed out for a bigger picture. I found that on the weekly time-frame our price action is constricting just like my last analysis of LINK was on the hourly time frame. You can find that analysis at the bottom of this idea. Within hours of posting the warning of an incoming move we saw a 5-10% price difference. I try to keep my analysis more simple than complicated. It's very easy to over complicate trading, and I'm sure it works for many, but I've found the more simple and obvious moves are the ones that play out best.
This break doesn't have to occur this week. If it doesn't happen this week you'll probably see price action move just slightly above and below last weeks support/resistance to constrict the price just a little more. I do think it will happen either this week or next though. I'm not certain what direction we'll be breaking but I lean bullish. If you are in a position I would have stops set under one of the supports, and if you're looking to enter try and buy as close to one of the weekly supports as possible. That way you can set a stop just under it for minimal risk.
Thank you for checking out my idea! Remember it's just an idea. You need to keep your money safe. Drop me a like and follow if you found this analysis interesting or helpful!
The 1hour time-frame breakout:
It's hard to tell what LINKUSDT is doing on the short term time frames sometimes. Because of that I zoomed out for a bigger picture. I found that on the weekly time-frame our price action is constricting just like my last analysis of LINK was on the hourly time frame. You can find that analysis at the bottom of this idea. Within hours of posting the warning of an incoming move we saw a 5-10% price difference. I try to keep my analysis more simple than complicated. It's very easy to over complicate trading, and I'm sure it works for many, but I've found the more simple and obvious moves are the ones that play out best.
This break doesn't have to occur this week. If it doesn't happen this week you'll probably see price action move just slightly above and below last weeks support/resistance to constrict the price just a little more. I do think it will happen either this week or next though. I'm not certain what direction we'll be breaking but I lean bullish. If you are in a position I would have stops set under one of the supports, and if you're looking to enter try and buy as close to one of the weekly supports as possible. That way you can set a stop just under it for minimal risk.
Thank you for checking out my idea! Remember it's just an idea. You need to keep your money safe. Drop me a like and follow if you found this analysis interesting or helpful!
The 1hour time-frame breakout:
Comment:
A Break should be occurring fairly soon one way or another. I encourage you to have a plan set on what you want to do beforehand.
Most importantly we have to first hang onto a support level and start reversing this fall from $2.87 to $2.78. In the chart below I've pointed out the support we are currently holding onto. If we start some trend changes on the short time frames here we could see the break of $2.87-89 in the short term. If we fall below the support on the chart it could take longer, and we need to see it hold above $2.67. The higher we find our support the better for a bullish scenario.