Hello traders .
let's start with the weekly time frame :
in the weekly time frame we can see , LINK hold above the weekly trend line (red line) , this line is very important because LINK price reacted to this line very good and hold above it about 500days , so this is why , this line is so important for link price .
also you can draw downward trend line and connect the Highs together , and as you can see in the chart , there is some possibility for LINK price , to create gigantic triangle .
but let's look at the daily chart for more details :
in the daily chart we can find very clear bull flag , also you can call it as a rising wedge , so we can imagine different price targets for LINK price in assumption of these patterns :
there is a important support box (red weekly support box ) for LINK price , but why this level is very important for the LINK price , so clearly as you can see this is weekly structure and this is the main reason for importance of this level , but what make it more stronger is alignment of the 0.618 fib level with this level.
but how we can trade this pattern ?
in my opinion for finding best entry step ; we need to look at the 4H time frame , because with smaller , time frame we have an access to more details and smaller price patterns and also probable divergences between RSI and the price :
in the 4H chart we can see , before actually price break out from the wedge , created W pattern above the 0.618 fib level and now , price break out from the wedge and also break the W pattern neck line , so this is very important to hold above the W pattern neck line and also the rising wedge trend line , also these levels is with convergence by the 0.5 fib level .
let's talk about the possible price targets for the LINK price :
in my opinion you can take profit at 0.618 and 0.786 ; because if you waiting for the top of the wedge , at that level we have strong weekly resistance line , so it's very possible to see hard rejection from that level , but as long as price hold above the ema ribbon and create higher highs and higher lows , you can remain bullish ; but as i said before , be careful about the important levels.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
let's start with the weekly time frame :
in the weekly time frame we can see , LINK hold above the weekly trend line (red line) , this line is very important because LINK price reacted to this line very good and hold above it about 500days , so this is why , this line is so important for link price .
also you can draw downward trend line and connect the Highs together , and as you can see in the chart , there is some possibility for LINK price , to create gigantic triangle .
but let's look at the daily chart for more details :
in the daily chart we can find very clear bull flag , also you can call it as a rising wedge , so we can imagine different price targets for LINK price in assumption of these patterns :
there is a important support box (red weekly support box ) for LINK price , but why this level is very important for the LINK price , so clearly as you can see this is weekly structure and this is the main reason for importance of this level , but what make it more stronger is alignment of the 0.618 fib level with this level.
but how we can trade this pattern ?
in my opinion for finding best entry step ; we need to look at the 4H time frame , because with smaller , time frame we have an access to more details and smaller price patterns and also probable divergences between RSI and the price :
in the 4H chart we can see , before actually price break out from the wedge , created W pattern above the 0.618 fib level and now , price break out from the wedge and also break the W pattern neck line , so this is very important to hold above the W pattern neck line and also the rising wedge trend line , also these levels is with convergence by the 0.5 fib level .
let's talk about the possible price targets for the LINK price :
in my opinion you can take profit at 0.618 and 0.786 ; because if you waiting for the top of the wedge , at that level we have strong weekly resistance line , so it's very possible to see hard rejection from that level , but as long as price hold above the ema ribbon and create higher highs and higher lows , you can remain bullish ; but as i said before , be careful about the important levels.
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas