LINKUSDT price action is now returning to the Monthly Inside Bar Zone after rejection from neckline of the Head and Shoulders Top. I'm expecting a swing downward to fill the gap below the weekly volume POC by least at Monthly Inside Bar open level. This level seems to be a psychologic key level for traders that waiting for long positions opportunities. I'm considering, if price reaches this zone at the time of the US Market open, a strong pullback can occurs. Then a 2nd touch to superior trendline will be expected. Due to the bearish tendence of US market, specially after S&P500 made a lower low invalidating a possible double bottom, more lows can be expected. LINKUSDT will remains bearish below weekly volume POC @ USDT 7.00 zone when entering in a daily bearish momentum with a weekly candlestick bearish close. 2 weekly candles downward can be form a right shoulder on 1W chart due to a Butterfly as showed on comments below. Then a potential breakout from this monthly Inside Bar will be the frontier for bears to project new bearish impulsive wave.
Oscillator:
Fisher Transform H4 and 1D timeframes
Oscillator:
Fisher Transform H4 and 1D timeframes
Comment:
Comment:
Potential Head and Shoulders projecting a breakout from a bearish pennant on 1W chart plus Butterfly w/ a min X-D leg 1.272 retracement level
Comment:
A health retrace occurs as expected. The price tends to fill the prior 1M inside bar candle body till it's 1M close price in confluence to the Fibonacci Retracement @ 14.6% which I'm watching to a possible Long
in a short-term aiming the new supply area.
in a short-term aiming the new supply area.
