LINKUSD, Setting Up To Form A New Move Testing Crucial Level!

Nov 29, 2020

Hi my friends,

Welcome to this analysis where we are looking at LINKUSDs 2-hour timeframe perspective, LINKUSD was one of the coins which showed heavy downside volatility recently, this is important to notice because not every coin showed such exaggerated volatility, currently, LINKUSD is somewhat recovering marginally and forming a very crucial formation I detected hear lying ground for the upcoming perspectives to emerge, therefore we are looking at the important levels and likely outcomes we should consider within the current structure and upcoming outcomes ahead.

As when looking at my chart we can watch there LINKUSD forming this preliminary important ascending-channel-formation which is normally known as a bearish reversal formation or a bearish continuation formation, LINKUSD has formed also this coherent wave-count within the formation where it has two major resistance-levels lying ahead within the triangle, firstly it is the 50% resistance marked in red and secondly, it is the 38.2% resistance marked also in red in my chart, one of these levels LINKUSD will likely confirm bearishly to the downside and from there complete the whole formation, this will happen when LINKUSD finally moves below the lower-boundary and closes there, when LINKUSD shows up with such price-action it will continue with bearish pressure till the lower ascending-trend-line marked in grey in my chart, this trend-line will be extremely important to hold and necessary to establish a possible bullish recovery from there because when this does not happen and LINKUSD increases with bearish pressure to move below the ascending-trend-line this will show up a more protracted bearish move to the downside within the bearish-continuation-zone marked in red in my chart.

Next times will show how fast and strongly LINKUSD completes the triangle-formation and how strong the ongoing movements will be, in either case, the bearish perspectives testing the suggested lower levels have a high likelihood here and should be planned into the schedule, the whole structure LINKUSD has a more bearish edge when comparing to majors like Bitcoin or XRPUSD, such differences are important to notice and are possible to plan within a considerable arbitrage setting up rightly within the market, for now, it is important to keep patient and elevate how LINKUSD develops under the suggested circumstances.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.