LINKUSDT 12/7/2020: ABC Correction not yet complete?
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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Second TA for LINK this December 2020. First TA, this month is in related ideas below.
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Technical Analysis
Previous Elliot Wave Count
Here, is my previous Elliot Wave Count on LINKUSDT dated November 11, 2020. Well, in the second attempt to break the 0.618 - 0.650 Fibonacci Retracement, it was unsuccessful. Right now, I'm considering another wave count.
Current Elliot Wave Count
Well, if the wave is valid, this is bearish for LINK for sure. Due to fact that it has failed to make a legit breakout in 0.618 - 0.650 at $ $ 15.14 in previous wave count above. Well, if it is true, then, there is a good buying opportunity at the lows of $ 7.30 to $ 8.63. Take note that this Elliot Wave Count must have a confirmation on Moving Averages, RSI, Stoch RSI and MACD to make reliable. It seems like, it may forms a Christmas tree pattern (Nope! It's a possible Head and Shoulder Pattern). But somehow, I'm still open for a bullish wave counts above.
1W
From looks on it, it is bullish on weekly time frame. In case of Current Elliot Wave Count, it may test EMAs (34,55) or MA 50. RSI still looks bullish as it stays above 50 level but rejected by 60 level. Stoch RSI has NO signs of weakness for now. MACD had attempted to make a bullish crossover for the past 3 weeks but it failed. I think MACD is a good confirmation for Bullish wave counts on previous Elliot wave counts. In general, Bulls is in total control of weekly time frame. I think, it's better to be prepared in both bullish and bearish.
1D
Let's see in the next days to come for a potential bullish crossover on Stoch RSI and MACD with bullish convergence and bullish divergence, respectively. RSI has bullish divergence but it's bouncing between 40 and 60 level suggesting sideways price action.
4HR
On 4HR, the price creates Lower Highs and Lower Lows. Definitely, trading in a declining channel and aiming for lower prices. There is a bearish convergence and bearish divergence on RSI, Stoch RSI and MACD. The moving average is now slowly to be above the price. 4HR is in declining stage.
1HR
Almost the same as 4HR.
The most important timeframe for LINKUSDT is the Weekly and Daily Time Frame. So far, the bulls in in control. I'm just considering the bearish wave count (The Current One) in case the bullish wave count (The Previous One) failed in it's third attempt to break 0.618-0.650 Fibonacci Retracement at $ 15. 14. As you see in the above chart, my invalidation is at $ 15.67 because that's the previous daily closed - a break and closed above $ 15.67 in daily time frame is bullish for LINK. I thinking that whales were accumulating chain link just like the chart of Cardano (ADA).
So, it's important to have Plan A and Plan B.
_____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
_____
Second TA for LINK this December 2020. First TA, this month is in related ideas below.
_____
Technical Analysis
Previous Elliot Wave Count
Here, is my previous Elliot Wave Count on LINKUSDT dated November 11, 2020. Well, in the second attempt to break the 0.618 - 0.650 Fibonacci Retracement, it was unsuccessful. Right now, I'm considering another wave count.
Current Elliot Wave Count
Well, if the wave is valid, this is bearish for LINK for sure. Due to fact that it has failed to make a legit breakout in 0.618 - 0.650 at $ $ 15.14 in previous wave count above. Well, if it is true, then, there is a good buying opportunity at the lows of $ 7.30 to $ 8.63. Take note that this Elliot Wave Count must have a confirmation on Moving Averages, RSI, Stoch RSI and MACD to make reliable. It seems like, it may forms a Christmas tree pattern (Nope! It's a possible Head and Shoulder Pattern). But somehow, I'm still open for a bullish wave counts above.
1W
From looks on it, it is bullish on weekly time frame. In case of Current Elliot Wave Count, it may test EMAs (34,55) or MA 50. RSI still looks bullish as it stays above 50 level but rejected by 60 level. Stoch RSI has NO signs of weakness for now. MACD had attempted to make a bullish crossover for the past 3 weeks but it failed. I think MACD is a good confirmation for Bullish wave counts on previous Elliot wave counts. In general, Bulls is in total control of weekly time frame. I think, it's better to be prepared in both bullish and bearish.
1D
Let's see in the next days to come for a potential bullish crossover on Stoch RSI and MACD with bullish convergence and bullish divergence, respectively. RSI has bullish divergence but it's bouncing between 40 and 60 level suggesting sideways price action.
4HR
On 4HR, the price creates Lower Highs and Lower Lows. Definitely, trading in a declining channel and aiming for lower prices. There is a bearish convergence and bearish divergence on RSI, Stoch RSI and MACD. The moving average is now slowly to be above the price. 4HR is in declining stage.
1HR
Almost the same as 4HR.
The most important timeframe for LINKUSDT is the Weekly and Daily Time Frame. So far, the bulls in in control. I'm just considering the bearish wave count (The Current One) in case the bullish wave count (The Previous One) failed in it's third attempt to break 0.618-0.650 Fibonacci Retracement at $ 15. 14. As you see in the above chart, my invalidation is at $ 15.67 because that's the previous daily closed - a break and closed above $ 15.67 in daily time frame is bullish for LINK. I thinking that whales were accumulating chain link just like the chart of Cardano (ADA).
So, it's important to have Plan A and Plan B.
_____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Comment:
Other TAs
Comment:
still playing out
