After a recent fib ping, I think re-testing the neckline before moving further up is likely... unless the $1k EOY meme holds some water that is...
In reality, however, I think this is either the setup for a MASSIVE move up, or, it's too good to be true, as these patterns are apparent to even a new trader... Hence, I wouldn't recommend entering any new longs without immediately setting conservative stop losses. However, general spot accumulation isn't a bad idea, as even if we do dip to single digit prices (where you should buy as much as possible), I firmly believe we would make a new ATH within the months following. Thus, I have entered a few new long positions the in the past week, all in the ~$15 range, and will use a trailing stop at 8%. I have also still not sold a single LINK on the spot market since before $2 and I don't plan to ANY time soon. If you want to be ballsy and margin trade LINK, there are great profits as well as great losses to be found, so embark on that journey of your own accord. But if i may offer a piece of advice about swing trading on the spot market; you will lose your LINK. Buy and Hodl. Didn't read. Never Selling.
In reality, however, I think this is either the setup for a MASSIVE move up, or, it's too good to be true, as these patterns are apparent to even a new trader... Hence, I wouldn't recommend entering any new longs without immediately setting conservative stop losses. However, general spot accumulation isn't a bad idea, as even if we do dip to single digit prices (where you should buy as much as possible), I firmly believe we would make a new ATH within the months following. Thus, I have entered a few new long positions the in the past week, all in the ~$15 range, and will use a trailing stop at 8%. I have also still not sold a single LINK on the spot market since before $2 and I don't plan to ANY time soon. If you want to be ballsy and margin trade LINK, there are great profits as well as great losses to be found, so embark on that journey of your own accord. But if i may offer a piece of advice about swing trading on the spot market; you will lose your LINK. Buy and Hodl. Didn't read. Never Selling.
Comment:
Well that was insanely quick for a retest... Can this prior resistance become support!? Or did we just see a fakeout as i suspected? Only time will tell.
