LINK progressing in range – upside breakout preference

LINK

MARKET_MINDS

BULLISH

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:

 

:médaille:
:médaille:
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

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