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LINK Price Analysis: 1.618 Fibonacci Extension Poising Resistance, Consolidation above Weekly S/R Probable

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LINK price is trading at a key trade location where and expansion from this area will dictate the direction of the overall trend. Price Action must find support above the Weekly S/R to confirm consolidation.

  • Strong Bullish Volatility Expansions
  • Weekly S/R Bullish Retest Respected
  • Consolidation above Weekly S/R probable

LINK Price Analysis: Daily Chart

2021 01 31 02.40.07

Observing LINK price chart above, a clear Bullish Volatility Expansion is present, breaking above Weekly S/R levels with conviction. The initial Weekly Range was broken bullish with a confirmed S/R Flip retest allowing for a new high to be set. This was indicative of strength as Price Action at the time was very impulsive.

The Volume Profile has a clear climatic node indicating a potential temporary top being set. A Volume Climax is usually a sign of the order books being cleared at the time, Link Price Action as of now is trying to find its equilibrium between Supply and Demand. The Declining Volume is suggestive of this, the more this progresses, the greater to probability of an influx.

The immediate objective is Swing High that is in confluence with the 1.618 Fibonacci Extension Target, Price Action as of current has rejected from this level.

A reversion to the, .382 Fibonacci Retracement, will allow for potential long biased entries. Exceeding Swing High will put LINK price back into price discovery with extended Fibonacci Targets. 

Hope this article helps when making discretionary decisions. 

The post LINK Price Analysis: 1.618 Fibonacci Extension Poising Resistance, Consolidation above Weekly S/R Probable appeared first on Coingape.



Source: LINK Price Analysis: 1.618 Fibonacci Extension Poising Resistance, Consolidation above Weekly S/R Probable

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