Today’s Analysis – LINKUSDT – clear break out failure, trading back into its range most likely to form an equilibrium, how price action forms will dictate the next probable move
Points to consider, - Overthrow failure - Demand zone respected - PA Consolidation - Range trading (local support and range median) - Volume climax
Price recently had an impulse move down confirming a break out failure at a key level. Sell pressure pushed price into demand zone where the bulls showed up, subsequent oversold bounce.
The current trading range is between Local support and range median, key trade locations upon a break.
Price action will be important to monitor at these levels subsequently with the RSI and Stochastics, which are quite neutral at current given time, needs more development.
Volume climax evident, indication of seller exhaustion as price balances supply and demand
Overall in my opinion, LINKUST may forma equilibrium before its next impulse move, the way price action forms at key levels will determine a directional bias.
What are your thoughts?
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And remember,
“You create your own game in your mind based on your beliefs, intents, perception and rules.” ― Mark Douglas
Very relevant analysis, I bought at 3.80 at the time of the fall, what do you think, it was a bit early?
AzizKhanZamani
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@championhevean17 a bit premature, but you do have defined risk boundaries, full body candle closes below 3.71 on a high timeframe should be your reference, I feel like link will test $3.9 telling from current price action, hope this helps!:)