Cryptocurrencies

LINK technical analysis

LINK seen from the temporality of 1W we can see a bearish movement towards the support of the major figure, currently the price is making an ITZ point of impulse, so it might not go very far this take profit, the next weekly candle should confirm the next direction of the price, the probabilities of a next move down are very high considering everything that has risen since 2018, if this is correct, then we should see a possible trajectory towards the support as I have drawn in the chart above, resulting in a larger fall towards 0.00005289 or lower.

LINK seen from the temporality of 1D we can observe more closely the movement, in the graph above I have indicated through two blue rectangles ITZ points formed during the current impulse, the second table indicates the pattern that could continue taking as reference the previous point above, we must be attentive to the level of demand located at 0.00011578 where we could enter long to the area of supply located at 0.00019880 and get a decent gain during the formation of the pattern.

In conclusion, the price of LINK since 2018 has given more than 1900% profit, currently the corrective movement is very likely to extend to the area of demand at the beginning of this year 2019, the current bullish candlestick might not go very far and traders take profits in the current supply zone, which should lead to a next bearish candlestick confirming a much greater next bearish movement, in the medium term we could have a new opportunity for profits before the price breaks the support of the major figure, I recommend to be very attentive to the action of the price in 1D and to the closing and confirmation in 1W, we also have to take into account the near stage of high volatility in BTC that could affect the current bullish impulses of the altcoins markets.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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