Link has been consolidating in the same tight zone for 330 days. After that long period of accumulation, I predict the move up will probably be large and sustained for at least 2-3 big legs up.
The problem is that we've had 3 fake-outs where price closed above $8.5 and then dumped hard right after. With that in mind, I plan on buying the next time LINK closes above 8.5 and cutting my losses if I see it close back below the support/resistance (S/R) zone highlighted in red, meaning below $8.
If the breakout is real, a I think and hope it is, then I intend to take profits between $19-20, and keeping the rest for the possibility that LINK becomes a beartime runner again, like last time.
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Close to breaking out. The trade goes live if the daily candle closes above 8.5.
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no close above 8.5, and it really looks like LINK pumping and threatening a breakout is the harbinger for market wide crash.
FOURTH TIME THIS HAS HAPPENED.
F O U R T H O U R T H
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The red scenario played out pretty perfectly.
This year long LINK range is maddening. Semper fi, marines. WAGMI, then wagyu.
It’s awesome. Thank you for sharing your opinion. You did great work!!
MoogzX
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Refueling for leg up to 9.4
fritzz
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@MoogzX, there was no close above the red s/r zone, and it's dumping pretty hard. SPX is at resistance, and by the looks of it, failing to break thorugh. BTC just showed some serious weakness today, and if SPX moves down, BTC will dump hard and drag alts with it.
I hate to say it, but it looks like LINK threatening to break out was the signal for the 4th, fucking FOURTH time.
emadill915
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Frustrating but thanks for posting…. It’s just a matter of time before it eventually breaks up to these levels you’re charted so It’s still a good time to buy at this price in the long time frame. That said …I’m gonna wait and see and if it will drop more…. I just think bitcoin is going retest lower support levels so being patient
lovetimecrag
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Any new thoughts on LINK? Shit is crashing like crazy
fritzz
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@lovetimecrag, None about link specifically, but it looks like it is getting caught up in the avalanche of bearishness caused by the SEC threatening exchanges to delist the vast majority of shitcoins. Basically what happened with XRP...
Unfortunately, couldn't figure all this out just by looking at the charts...