LINK- Inverse Head and Shoulders
Background:
Since May 2022, Link is in an accumulation range.
The range low is at 5.44. The range high is at 9.44.
I consider the deviation below the range low in July as a Wyckoff Spring event.
IMO, Link’s breakout is dependent on Bitcoin’s PA. Meaning, that If Bitcoin fails to break above 31.85K, Link will fail too.
Price Pattern:
It looks as if Link is about to complete an Inverse Head and Shoulders pattern. The neckline breakout point is at 8.48 USDT.
Be advised that the range high of 9.44 USDT is close to the breakout target, and it is likely to be a tough nut to crack.
Trade Idea:
My premise is that if Link does manage to break above the range high, it will likely take-off.
If you are considering taking this as leveraged trade, consider placing tour SL tighter.
• Entry: 8.5
• SL: 7.17
• Target: 12:06.
• R: R: 1:2.66
A breakout above the range high (if and when) is another trade opportunity.
Since May 2022, Link is in an accumulation range.
The range low is at 5.44. The range high is at 9.44.
I consider the deviation below the range low in July as a Wyckoff Spring event.
IMO, Link’s breakout is dependent on Bitcoin’s PA. Meaning, that If Bitcoin fails to break above 31.85K, Link will fail too.
Price Pattern:
It looks as if Link is about to complete an Inverse Head and Shoulders pattern. The neckline breakout point is at 8.48 USDT.
Be advised that the range high of 9.44 USDT is close to the breakout target, and it is likely to be a tough nut to crack.
Trade Idea:
My premise is that if Link does manage to break above the range high, it will likely take-off.
If you are considering taking this as leveraged trade, consider placing tour SL tighter.
• Entry: 8.5
• SL: 7.17
• Target: 12:06.
• R: R: 1:2.66
A breakout above the range high (if and when) is another trade opportunity.
Trade closed: target reached:
it could go a lot higher.
Trade closed: target reached