Good day, Gentlemen- crypto enthusiasts!
Today we decided to expand the boundaries of our crypto portfolio and get out of the "comfort zone" - the TOP 10 cryptocurrencies.
We are going down a level lower in the coins of the "second echelon" and will start with the token that currently closes the top 20 of the digital universe -
#Chainlink coin (#LINKUSD ).
Technical analysis.
Description of the idea on TradingView
At the moment, the coin's quotation is in a downtrend phase (the red line on the chart).
The maximum market volumes ("Price Magnet") or the POC level, point of Control (purple line) pass at the bottom, which indicates the desire of the pair to continue moving within the downward structure for taking liquidity.
The nearest support levels are near the marks:
~ 12 USD - the level of 78.6% Fibo correction; (minor correction)
~ 8 USD - psychological and historical level + trend support line (green line). (senior correction)
Purchase scenario:
To open longs, we are waiting for the formation of a 123 reversal pattern* next to the specified support levels + the end of the corrective downtrend (breaking through the red resistance line). The approximate trajectory and the purchase scenario are shown on the chart with a blue arrow. The stop is placed below the support level at a distance corresponding to your money management of the transaction.
- 123 Reversal pattern scheme:
Purchase goals:
- $21 - 61.8% Fibo level;
- $27 - 50% Fibo level + Pivot line (orange horizontal line) -
When this level is reached, we recommend partial fixation of the transaction and transfer stop level to breakeven; - $33 - 38% Fibo level;
- $45 - psychological and historical level + Resistance level from PIVOT indicator.
Wish You thoughtful investment decisions, Friends, We will be glad to discuss the idea in the comments!
Good luck to all of us!
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