LINKBTC Has Completed Bullish Setup | A Good Long Opportunity
In the month of Sep 2019 the price action of Chainlink took the power full bullish divergence and after making upto 131% bullish move now the price action has formed a falling wedge which was initiated in Oct 2019.
Now the price action is likely to bounce from the support of this falling wedge in the meanwhile the priceline is also getting bounced from the lower bands of Bollinger bands before hitting the support of pattern and Bollinger bands support the moving average convergence divergence (MACD) was strong bearish now it has turned weak bearish and Stochastic has given bull cross from oversold zone the relative strength index was also oversold and now turned bullish.
On 4hr chart the Exponential Moving Averages EMA 10 an EMA 20 are giving bullish signals by forming golden cross and lifting the price action up:
The price action might have some price correction coz it has made sudden up move after hitting the support however the price action will hit the Fibonacci projection of tail to support of the channel between 0.382 to 0.786 Fibonacci soon so we can set our sell targets between:
0.00029175 to 0.00033581
So it is upto 34% profit potential trade, however we should set our stop loss using support of this falling wedge in case of complete candle stick closes below this support area.
Regards,
Atif Akbar (moon333)
Now the price action is likely to bounce from the support of this falling wedge in the meanwhile the priceline is also getting bounced from the lower bands of Bollinger bands before hitting the support of pattern and Bollinger bands support the moving average convergence divergence (MACD) was strong bearish now it has turned weak bearish and Stochastic has given bull cross from oversold zone the relative strength index was also oversold and now turned bullish.
On 4hr chart the Exponential Moving Averages EMA 10 an EMA 20 are giving bullish signals by forming golden cross and lifting the price action up:
The price action might have some price correction coz it has made sudden up move after hitting the support however the price action will hit the Fibonacci projection of tail to support of the channel between 0.382 to 0.786 Fibonacci soon so we can set our sell targets between:
0.00029175 to 0.00033581
So it is upto 34% profit potential trade, however we should set our stop loss using support of this falling wedge in case of complete candle stick closes below this support area.
Regards,
Atif Akbar (moon333)
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