LINK/USDT - 1H Chart Breakdown Setup
2025-02-06
Category: None

📉 LINK/USDT - 1H Chart Breakdown Setup 📉

Chainlink (LINK) is currently trading within a symmetrical triangle (or wedge), forming a clear consolidation zone. Price is now testing the descending resistance, and based on current momentum, a break to the downside looks highly probable.

🔥 Technical Breakdown:

🔻 Symmetrical Triangle Formation:
	•	Price has been squeezing between lower highs and higher lows.
	•	The recent rejection at the upper trendline suggests bearish continuation.

🔻 Bearish Confluence:
	•	Price is still below the 200 EMA, acting as major resistance.
	•	Lower highs indicate weakness from buyers.
	•	Strong support at $18.95, but a breakdown will trigger further downside.

📉 Measured Move Target:

The measured move for this symmetrical triangle is calculated from the highest point ($21.39) to the lowest point ($18.95):
📏 Breakout Target = $17.86

⚠️ Key Levels to Watch:
	•	Break below $18.95 = Bearish confirmation 🚨
	•	Upside invalidation above $20.50

A strong volume spike will confirm the move. Are you shorting this breakdown? Let me know your thoughts! 👇

#LINK #Crypto #Trading #SymmetricalTriangle #TechnicalAnalysis #BearishBreakdown