LINKUSD: Was It a Fake Bullish Breakout? 😱 | Nov. 25, 2022
This week, we will stick to the 4-hour time frame to analyze the price action in detail!
It seems like a false bullish breakout was seen earlier this week following which a strong rally was witnessed. Seems like the price will soon approach the next resistance situated at $7.35. If the resistance is reclaimed by the bulls, traders can expect a strong rally in the coming week.
Once the resistance at $7.35 is reclaimed, we can see a clear path to the supply zone at $8.51. However, this view is only valid once the price is able to sustain above $7.35.
Traders must maintain caution of the demand zone at $6 because if this zone is broken once again, a sharp fall could be seen. At the time of writing, it looks like we may see a small pullback as the RSI has started falling. Expect the price to test the support at $6.3 before continuing the rally.
The important price levels for this week are $6.3 and $7.35!
It seems like a false bullish breakout was seen earlier this week following which a strong rally was witnessed. Seems like the price will soon approach the next resistance situated at $7.35. If the resistance is reclaimed by the bulls, traders can expect a strong rally in the coming week.
Once the resistance at $7.35 is reclaimed, we can see a clear path to the supply zone at $8.51. However, this view is only valid once the price is able to sustain above $7.35.
Traders must maintain caution of the demand zone at $6 because if this zone is broken once again, a sharp fall could be seen. At the time of writing, it looks like we may see a small pullback as the RSI has started falling. Expect the price to test the support at $6.3 before continuing the rally.
The important price levels for this week are $6.3 and $7.35!