The following is my possible trade on LINK in the near future. Feel free to copy. Risk/reward ratio is around 8 and gains are 30% - 50%.
Basically Link has ben held under a strong resistance levels and with the supporting line, making a possible rising wedge. If we look at fibonacci retracement levels, from previous test of support to rejection of resistance, we can see that the price has been rejected at exactly 0.618 fib resistance.
There is another less crucial line that LINK has been holding as support, marked with pink.
How will I trade this? Place a long order just above 18$ which is just above the resistance and a psychological price level. Set first take profit just below 25$ (Fibonacci target) and second take profit at 28$ (Wedge target).
And yes, don't forget the stop loss ;)
If you like the idea or have anyhow different opinion feel free to drop a comment.
Basically Link has ben held under a strong resistance levels and with the supporting line, making a possible rising wedge. If we look at fibonacci retracement levels, from previous test of support to rejection of resistance, we can see that the price has been rejected at exactly 0.618 fib resistance.
There is another less crucial line that LINK has been holding as support, marked with pink.
How will I trade this? Place a long order just above 18$ which is just above the resistance and a psychological price level. Set first take profit just below 25$ (Fibonacci target) and second take profit at 28$ (Wedge target).
And yes, don't forget the stop loss ;)
If you like the idea or have anyhow different opinion feel free to drop a comment.