Short LINKUSDT at 25.78510
What looks like a long on the shorter timeframe, seems like a false breakout and a great shorting opportunity on the longer timeframes.
On the 15 min timeframe, it looks like LINKUSDT is breaking out above the 24.8 resistance level. On its own, this would suggest going long at this price.
However, when we zoom out to the 75 min timeframe, we see that 24.8 is part of a larger resistance (24-26) that hasn't actually been broken. Additionally, here EMA50 and EMA100 are going to be weighing down on LINKUSDT as it climbs any higher and will provide significant further resistance. To make matters worse, it looks like MACD is ripe for a small selloff from these price levels. A long here on the 75 min chart has a risk-reward of 0.16.
When we zoom out a bit further to the 375 min timeframe, we see that the resistance is actually slightly higher, nearer to 26.5. Also, EMA 22 will act to push down price at this level. We also see a consistent, strong downtrend on this chart. Regardless of how good the shorter timeframes look, it is hard to fight against such a strong selloff.
What looks like a long on the shorter timeframe, seems like a false breakout and a great shorting opportunity on the longer timeframes.
On the 15 min timeframe, it looks like LINKUSDT is breaking out above the 24.8 resistance level. On its own, this would suggest going long at this price.
However, when we zoom out to the 75 min timeframe, we see that 24.8 is part of a larger resistance (24-26) that hasn't actually been broken. Additionally, here EMA50 and EMA100 are going to be weighing down on LINKUSDT as it climbs any higher and will provide significant further resistance. To make matters worse, it looks like MACD is ripe for a small selloff from these price levels. A long here on the 75 min chart has a risk-reward of 0.16.
When we zoom out a bit further to the 375 min timeframe, we see that the resistance is actually slightly higher, nearer to 26.5. Also, EMA 22 will act to push down price at this level. We also see a consistent, strong downtrend on this chart. Regardless of how good the shorter timeframes look, it is hard to fight against such a strong selloff.
Trade active:
Short at 26.00450
Trade closed manually:
Closed at 26.1850