LINK progressing in range – upside breakout preference
Traduzione effettuata da Deepl pro
Market & Ticker: LINK– LINK/USDT
Date: 0708/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
LTC is progressing within a trading range May 2022 above the Strategic support set at 4,60. A mid-term bullish exit is more likely regarding the price historic. On a shorter run a test of the upper part of the range at 10.00 is expected before any bullish breakout confirmation
As long as 6,35 remains a tactical support valid a direct bullish move towards 8,50 and 10.00 resistances level is expected – once 10.00 is bypassed LTC will start an acceleration towards 13,50 and 19,30 exit potantial of the trading range in progress
Technical Key Elements:
- Upper part of the range set at 10,00 and bullish exit at 19,30
- RSI indicator is positive at 50% (Pullback)
- The Moving average are acting as support on the near-term
- Fibonacci key support is adjusted at 6,35 while the Elliot wave shows upside potential towards 10,00 and 13,50
Trade Idea conclusion: Buy - Conviction:
 | | Medium |
Target 2: 10,00
Target 1: 8,50
Buy: add in dip area 7,20
Stop: 6,35 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
The content in this channel is not investment advice but information to help you make the best decisions.. DYOR
