Chainlink Trade (High Risk) Long

Chainlink / United States DollarCoinbase

Description

⋅ Nov 21, 2022 1:42 PM

This is a really high risk trade but I like these springboard patterns they have high hit rate for me.

Every time LINK has dropped under 5.8 it has been bought back up pretty quickly.

The 12hour time frame has caught these divergences pretty well and we just confirmed another one with the last candle.

So what do we have :

1. LINK extreme oversold zone RSI under 40
2. Bullish divergence on 12h
3.Springboard setup
4.Max Fear in the market

I take the trade

Stop loss last swing low 5.6

Comment

⋅ Nov 23, 2022 10:20 PM

We got a big entry on this one , not closing any time soon

Comments

unknownpower

⋅ Nov 22, 2022 9:36 PM

nice, proven right it seems (although I am not sure it was only LINK depended, whole market seems to have bounced a bit)

dan_salemme

⋅ Nov 21, 2022 10:38 PM

Reached a similar conclusion following the CPR (By KGS) indicator. The R1 line was sitting around $5.52, seemed like a reasonable entry point paired with other indicators. Modest ~5% gain since buying, hoping for more green in the coming days!

E907

⋅ Nov 24, 2022 5:53 PM

Excellent read on this situation, I entered big as well. Do you have a target for taking profit?

Sporia

⋅ Nov 24, 2022 6:03 PM

@E907, will let this one ride long term since i hold leveraged tokens so no funding rate payments , 19 dollars would be a target

SwallowPremium

⋅ Nov 21, 2022 8:37 PM

Very nice work, we also have the same opinion)!

Abmoon

⋅ Nov 21, 2022 3:27 PM

Good analysis. Link is cool project!