LINK trade setup
2024-11-08

Weekly analysis 

   
  BINANCE:LINKUSDT   was one of the winner of 2021 bull run.
After a 90% decrease since the last ATH, LINK built a strong and clear horizontal range which was broken in Octobre 2023 with a strong 300% upward movement. This proves the coin is still under investors' radars.

 Current situation 

  
Since this last Octobre surge, LINK has been consolidating and is now forming a reversal pattern just above the previous range resistance. This pattern seems to be coming to an end (ABCDE waves) with the current attempt to break out.

 Strategy 
Buy signal on the clear breakout and daily close above the 12,40$ horizontal resistance line.
 
 Objective 1: Next resistance 15$ (+15%) 
 Objective 2: Last swing high at 22$ (+70%) 
 Objective 3: ATH area at 35$ (+170%) 
 

 Invalidation  
Mental Stop: just below the latest move upward at 12$ which would invalidate the breakout attempt.
This setup proposes a nice Risk Reward ratio.
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.

