LINK/USDT - bullish reversal pattern close to breakout
LINK/USDT is currently right at the tip of a falling wedge after having quickly pinged the macro 0.786 fib level which makes me very optimistic about this being the bottom and seeing a successful reversal. In addition to that we can also see significant bullish divergence on the daily which ranges back to December and further increases the odds of a textbook breakout which LINK tends to have especially with falling wedges (examples can be seen in my earlier charts linked below in the related ideas section).
On shorter time frames LINK is currently forming an inverse H&S which combined with the falling wedge makes for a great reversal pattern which produces consistent results and is close to completion.
LINK/USDT 1hr:
Since LINK is a long-term hold for me I usually don't use stop losses and mainly look for prices to accumulate more but for a swing trade I'd consider one slightly below the last 0.786 ping since losing that level would render it a descending triangle breakout and likely lead to a longer bear trend.
Please note that the price projection is just that and should only guide as a visual aid for the direction I expect it to go.
With staking said to release this year this looks like a great opportunity to stock up on some LINK at a discount before the action starts.
Best of luck with your trades and let me know what you think!
On shorter time frames LINK is currently forming an inverse H&S which combined with the falling wedge makes for a great reversal pattern which produces consistent results and is close to completion.
LINK/USDT 1hr:
Since LINK is a long-term hold for me I usually don't use stop losses and mainly look for prices to accumulate more but for a swing trade I'd consider one slightly below the last 0.786 ping since losing that level would render it a descending triangle breakout and likely lead to a longer bear trend.
Please note that the price projection is just that and should only guide as a visual aid for the direction I expect it to go.
With staking said to release this year this looks like a great opportunity to stock up on some LINK at a discount before the action starts.
Best of luck with your trades and let me know what you think!
