LINKUSD Key Resistance| Low Volume| Cup and Handle ?
Today’s chart update will be on LINKUSD where key levels a prone to get tested; a bullish formation – cup and handle- is upon fruition.
Points to consider,
- Bull trend from yearly lows
- .328 Fibonacci serving as support
- Key resistance to break
- 50 MA providing current support
- RSI respecting its resistance
- Stochastics in upper regions
- Volume declining
LINKUSD’s immediate trend has been bullish with consecutive higher lows in place. The .382 Fibonacci level is currently holding as support, it must hold true with the cup and handle pattern coming to fruition.
Key resistance is yet to break, a close above will change to overall structure of the trend by putting in another higher high. The 50 MA is key, currently holding LINK support near resistance, needs to hold true when key levels are
tested.
RSI is respecting it resistance, currently trading neutral, a break of resistance will increase the bullish bias. The stochastics is trading in the upper regions with lots of stored momentum to the downside.
Volume is clearly declining, this signals an impulsive move coming, especially when key level get tested.
Overall, in my opinion, a break bullish of the current channel will increase the probability of a bull continuation. This will increase the probability of a cup and handle formation which serves as a continuation pattern.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee
Points to consider,
- Bull trend from yearly lows
- .328 Fibonacci serving as support
- Key resistance to break
- 50 MA providing current support
- RSI respecting its resistance
- Stochastics in upper regions
- Volume declining
LINKUSD’s immediate trend has been bullish with consecutive higher lows in place. The .382 Fibonacci level is currently holding as support, it must hold true with the cup and handle pattern coming to fruition.
Key resistance is yet to break, a close above will change to overall structure of the trend by putting in another higher high. The 50 MA is key, currently holding LINK support near resistance, needs to hold true when key levels are
tested.
RSI is respecting it resistance, currently trading neutral, a break of resistance will increase the bullish bias. The stochastics is trading in the upper regions with lots of stored momentum to the downside.
Volume is clearly declining, this signals an impulsive move coming, especially when key level get tested.
Overall, in my opinion, a break bullish of the current channel will increase the probability of a bull continuation. This will increase the probability of a cup and handle formation which serves as a continuation pattern.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee