MA:
LINK has made 2 consecutive closes above the 4H 10MA
S/R
It nearly hit all time lows support level (line A)
Trend:
It is to the right of the major green trend line (definitely significantly bullish)
It is above the minor orange trend line (which might be an invalid shorter term line)
Candlesticks:
(4H): V shape with high close followed by very low range blue candle showing the high close was not attacked by bears, looks like a bottom was formed. I was initially skeptical of this bottom shape though as this can look like a bottom but not be, but it does qualify as a good bottom shape in my opinion.
Volume:
Volume has been low still, but this might not be significant as most LINK might be traded vs. the USD at Kraken.
Trading Plan:
Make 5 "aggressive entries" - one at each of the next 5 "qualifying trade setups" including:
1. 2 consec closes above 50MA,
2. hitting the Line A support (x3 size as definitely valid trade)
3. low volatility around Line A support,
4. breaking back above Line A support,
5. break above .0046202 (recent swing high on this break above 10MA)
Make 5 "adding" entries after trade is "working" to be determined by:
1. crossing line B
2. 2 consec closes above line B
3. crossing line C
4. crossing line D
5. consolidating above line D (x3 as this is definitely an "end" of the bottoming of LINK as long as price stays above it)
Stop of Trade:
10% max loss set below each position entry
LINK has made 2 consecutive closes above the 4H 10MA
S/R
It nearly hit all time lows support level (line A)
Trend:
It is to the right of the major green trend line (definitely significantly bullish)
It is above the minor orange trend line (which might be an invalid shorter term line)
Candlesticks:
(4H): V shape with high close followed by very low range blue candle showing the high close was not attacked by bears, looks like a bottom was formed. I was initially skeptical of this bottom shape though as this can look like a bottom but not be, but it does qualify as a good bottom shape in my opinion.
Volume:
Volume has been low still, but this might not be significant as most LINK might be traded vs. the USD at Kraken.
Trading Plan:
Make 5 "aggressive entries" - one at each of the next 5 "qualifying trade setups" including:
1. 2 consec closes above 50MA,
2. hitting the Line A support (x3 size as definitely valid trade)
3. low volatility around Line A support,
4. breaking back above Line A support,
5. break above .0046202 (recent swing high on this break above 10MA)
Make 5 "adding" entries after trade is "working" to be determined by:
1. crossing line B
2. 2 consec closes above line B
3. crossing line C
4. crossing line D
5. consolidating above line D (x3 as this is definitely an "end" of the bottoming of LINK as long as price stays above it)
Stop of Trade:
10% max loss set below each position entry
