Link has just broken out of a 4 month old channel. It has not been confirmed yet but if we see it flip to support and volume come in, a big move is likely to come.
We actually re-entered this channel 4 months ago, it was first formed in March 2020 -
We also broke past the weekly R2 giving us 20% till the R3.
Volatility is very low and will have to expand, which will push the price in the direction of the trend, and we can see the ADX is trending in a bullish posture.
MACD is looking good and will not turn down as long as we trade above $27.449, Stoch will stay bullish above $27.81.
If the retest holds, my targets are the golden fib at $35 and then $53.
We actually re-entered this channel 4 months ago, it was first formed in March 2020 -
We also broke past the weekly R2 giving us 20% till the R3.
Volatility is very low and will have to expand, which will push the price in the direction of the trend, and we can see the ADX is trending in a bullish posture.
MACD is looking good and will not turn down as long as we trade above $27.449, Stoch will stay bullish above $27.81.
If the retest holds, my targets are the golden fib at $35 and then $53.
Comment:
Daily closed outside of the channel, now we need the volume supported retest.
Comment:
The retest seems to have held so far, but not to much volume yet. It is the weekend, but maybe it will pick up throughout the day. As long as we don't breakdown through it, id be happy to see the volume come in on Monday.
Comment:
Looks like it has begun. Volume is supporting the trend as shown by the VSLRT. We should start moving up now, although a retest on higher timeframes is not out of the question.
Comment:
Despite todays dump, we have rallied back up to above opening price. Still has potential, will need to re-asses if that happens again.
Comment:
This doesn't look to great anymore. Lets see if we keep our head above water.
Trade closed: stop reached:
Ooops, forgot to update this idea.
We came back down into the channel when $BTC dumped a few days ago. Never really took off, even though the set up was great. I've been doing some digging to try and figure out why $LINK is lacking a bit recently and there does not seem to be much. This trade idea is over, but I'm still hodling my $LINK.
We came back down into the channel when $BTC dumped a few days ago. Never really took off, even though the set up was great. I've been doing some digging to try and figure out why $LINK is lacking a bit recently and there does not seem to be much. This trade idea is over, but I'm still hodling my $LINK.
Trade closed manually