LINK Symmetrical Triangle Breakout Shows a 65% Gain!

$LINK is showing relative strength in the cryptosphere at this point (along with $MATIC, $NEAR, and others). $LINK has been printing a symmetrical triangle for the past 150 days. The measured move for a breakout of this triangle brings price to about $13.00, which is a 65% increase in price from this point. 

$LINK Weekly Triangle

$LINK Daily Triangle

Approximate 65% Increase to Final Target

Looking for a daily close above resistance at $8.10 for continuation. 

 

Potential 1:10 R:R Long Setup! This setup is invalidated with a 4H close below the prior 4H low at $7.48.

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Do you think price will break out of break down from this triangle?!?!? Let's hear your thoughts!

Let's go bullz! Let's get this crypto!



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Not financial advice. Imperative everyone conduct their own research prior to entering any trade and/or investment!

Comment:

There was a TON of volatility at the FMOC meeting today! My take on the meeting is that it was BEARISH. We can see that $LINK came down to the 4H support zone and is thus far holding.

As long as support around the last prior wick low holds I am looking for continuation upwards!

I have revised my long setup and associated target. The new target is $10.75 (new target), with possible continuation up to $13.00 (old target).

Comment:

The 4H chart is looking BEARISH! This setup may be invalidated soon! I will be looking for scalp shorts down to the bottom side of the symmetrical triangle in the coming days!

Comment:

If we lose support here, then find support again at the bottom side of the triangle, then this could be a coming bullish setup.

Comment:

$LINK has been relatively quiet today. It is currently in a tight range between $7.65 - $8.00.

Comment:

I suspect a break of this range will decide direction for the next impulse!