LINK Resistance to Support [SUPPORT LEVEL TO LOOK OUT FOR]
Hello, welcome to another one of my analysis
Since about a few weeks ago I have been very confident of the price of LINK
I have a position in LINK at $28USD which I keep changing the stop-loss and till now, hasn't closed out.
To better understand what my ugly chart is about, I am going to explain what I have used.
The pitchfork was made a few months ago and it has been the only indicator I have been using for LINK to identify key support and resistance levels.
Recently, there was a breakout from my pitchfork which I expected as identified by the triangle pattern and elliot wave although LINK didn't manage to form the wave completely, the breakout was expected.
So now, we move on to what is called resistance to support which is essentially the past resistance becoming the new support level.
This is indicated by the top part of the pitchfork (white dotted line) which should act as a support level, that new support level has also been tested twice as you can see in the chart where one time, the wick has dipped slightly below it and rebounded.
My strategy is to price my stop-loss around that resistance to support level
I am still overall long on LINK, this analysis is just for identifying support levels for the new ATH.
Disclaimer: This is not financial advice duh...
Since about a few weeks ago I have been very confident of the price of LINK
I have a position in LINK at $28USD which I keep changing the stop-loss and till now, hasn't closed out.
To better understand what my ugly chart is about, I am going to explain what I have used.
The pitchfork was made a few months ago and it has been the only indicator I have been using for LINK to identify key support and resistance levels.
Recently, there was a breakout from my pitchfork which I expected as identified by the triangle pattern and elliot wave although LINK didn't manage to form the wave completely, the breakout was expected.
So now, we move on to what is called resistance to support which is essentially the past resistance becoming the new support level.
This is indicated by the top part of the pitchfork (white dotted line) which should act as a support level, that new support level has also been tested twice as you can see in the chart where one time, the wick has dipped slightly below it and rebounded.
My strategy is to price my stop-loss around that resistance to support level
I am still overall long on LINK, this analysis is just for identifying support levels for the new ATH.
Disclaimer: This is not financial advice duh...
Comment:
Looks like there was a correction and the price has dipped down to the second pitchfork and rebounded to our support level at the top pitchfork line