Cryptocurrencies

LINK technical analysis

LINK seen from the temporality of 1D we can see how the structure of candles has found support within an important area of demand marked on the chart with a blue rectangle located within the price range of 1.9628 – 2.0597, the smaller figure shows a trend reversal setup, however, the price has found resistance in the blue horizontal located at 2.4909 so we could see an ABC structure approaching the support located at 2.1250, so we can see a change in trend, the price has to mark an HH above the blue horizontal mentioned above.

LINK seen from the temporality of 4H we can observe more closely the current movement of candles, we see that the price falling below the blue horizontal has made a pullback confirmation bearish which should cause the price to fall towards the area of demand indicated within the chart with a blue rectangle located within the price range of 2.1250 – 2.2027, the price should find strong demand in that zone so that we can see an upward momentum to position the price above 2.4909 and we can see a change of trend.

In conclusion, the price should retreat into the price range of 2.1250 – 2.2027 creating an ABC structure which would be the beginning of a game of (EW) of the next impulse of the major figure, if the price falls below that zone of demand we should wait for the reaction of the price in the major rectangle seen in the graph of 1D, if the price falls below that zone, the downward probailities will be greater, it is advisable to wait for confirmation in any of the areas indicated in the graphs above inside the rectangles and be very attentive to the movement of the next candles in 4H and closing the daily candle.

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

Related posts

WLS has a Bidder on the tape!…Support over 1.00 BTS

heyimsnuffles

The Sunday Crypto Recap – Down the Rabbit Hole 42

cryptos-decrypted

Crypto East vs West

Bit Brain

Get involved!

Comments

No comments yet
s2Member®