- Link looks pretty strong in the immediate short term, but for the long term I am still very bearish and I will tell you why in this analysis.
- We have a huge descending parallel channel on the daily chart and there are still no signs of a trend reversal. The first is that we at least need to break up this channel to be more confident.
- Also, my Elliott Wave analysis suggests that this downtrend is incomplete and we can definitely expect 2 USDT per coin next year.
- But for the immediate short term, we have a nice local ascending triangle – bullish pattern , and also the main yellow trendline has been destroyed by the bulls recently.
- +60% profit is possible and the previous wave (1) is a strong resistance, which can act as a reversal point in the future.
- If you really want to buy something in the short term, then the LINK coin is a great choice. But do not forget that the main trend is a downtrend, so take profit very soon.
- We don’t know what the expected duration of this trade is. It can literally pump in a single week, or it can take 2 months to reach 13.3 USDT.
Link – Trendline is breaking out! +60% right now
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.