Analyzing LINKUSDT on a 1D timeframe using the double bottom strategies.

Hello dear friends,
It's another day in the crypto market and I'm delighted to analyze another pair of crypto assets with you all. Analyzing the crypto has never been this easy when you have the right ideas and you have the knowledge.

They said knowledge is power and indeed I have confirmed and testified to that. In today's lesson, you will see knowledge in action as we analyze the market using the double-bottom strategies.

Chart patterns are things that every crypto trader should be aware of and must also take advantage of any time they see them. Today we want to take advantage of the double-bottom pattern seen in the 1D timeframe of the pair of LINKUSDT.

It is important to note that a pattern seen in a higher timeframe works better than the one seen in a lower timeframe. This pattern proves to be more reliable and can be meaningful for a whole day whereas the pattern seen in a lower timeframe can be used for scalp trading.

I have said over and over again that analysis of the crypto market should be done from a higher timeframe down to a lower timeframe and in that way, you will know the clear movement and the next direction as well as basic support and resistance which the market will respect.

After identifying the double bottom on the chart, as the law has it, I waited for the neckline to be broken as seen in the image above. I then entered the market.

From the chart, you can see that after the break of the neckline, the market remained bullish which is a very sensible movement that looks more like a demand move from the images above.

As of the time of writing this article, I have also made some % profit as seen in the image above. I entered the market with a low leverage of about 15x and then with a proper risk-reward ratio of about 10:100.

Immediately after I got 10% of my capital, I shifted my stop loss to my entry position to stay safe in the market because I had other things to do. As of this time, the market is still running and I wish I could share the profit with you all thereafter.

You also can trade the crypto market this easily if you decide to understand the basics and then take knowledge as the only option. Losing in the market is optional and mostly to those who don't understand the market. Always do your analysis properly and use a higher timeframe if you wish to stay longer in the market.

Don't greed the market for any reason. Also always ensure that your stop loss is kept above major support or resistance level no matter the amount you are risking. You can use a low leverage to keep you in the market for a longer period this is because some markets may touch these levels before moving back to your initial predicted directions.

That will be all for today. If you have any questions or contributions regarding this analysis or any other, please do well to use the comment section below and I will do my best to attend to it as fast as I can. See you all in my next post.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}