Chart analysis for LINK/USDT.
Hello friends, how are you all? Hope you are doing well. Today I will share my analysis for LINK/USDT. So, let's begin.
Today's morning I was searching for a niche reversal trade. So, I went to coin market cap and I was just looking to trade for top-ranked coins. I saw the link was -3.5% down and that was on the 12th ranking position. Volume was high too.
So, I decided to understand the market and then go for a trade. Now I will share what my prediction says and what can be the market's next move.
Screenshot from trading view 4h time frame
First of all, I was trying to understand the market trend. I saw the market was on an uptrend. then the trendline broke. And It just trending above the support.
That's the basic thing which is leading me to take this trade. Although, I do not trade with just trendline or support. I did use multiple indicators to clarify the trade.
1st of all the multiple rejections. In 45 45-minute time frame, I saw link has made multiple rejections which is a good sign. Now let's break it down through some indicators.
Screenshot from trading view 45minutes time frame
We can clearly say that the market is at support level. Also, the rejections look good. Let's use RSI and volume indicators to Identify the trade if it really wanna make a reverse or not.
Screenshot from trading view 45minutes time frame
The volume is getting higher when it is trying to touch the support. That does mean the buyers are active on the support level. This can be another good sign to take this trade.
However, there is a problem which is market is still below the downtrend line. I do prefer to take this trade when the trend line is broken.
Screenshot from trading view 45minutes time frame
The RSI is good as well. RSI was gone to the deep zone and all the way it came back to 40 band and It is trying to get support here.
Also, the moving average of RSI is still below the RSI line. the RSI MA also can be a support for the market.
Screenshot from trading view 45minutes time frame
MY PREDICTION
I will take this trade if the downtrend line is broken. If it remains still below the trend line I won't take this. Because most of the time if the market does not break the trendline it goes down.
But if the market breaks the trendline then my target will be 19.45$. And I will set my stop loss at 18.00$. So, let's wait and watch the market what it does in 1 or 2 days.
Screenshot from trading view 45minutes time frame
Screenshot from trading view 2h time frame
In the previous post, I traded on Solana to the downside. The trade goes in our favor. Our 1st target is done and waiting to reach the 2nd target. I'm still in my position. Hope it will reach my 2nd target like the 1st one.
I'm not a professional trader. Take my words as a learning purpose. Hope you get what I want to say. That was for today. Thanks for giving it a read.
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https://x.com/ayrin344/status/1760539348158832888?s=20