LINK/USDT - time to take profit on your shorts
Previous short idea:
LINK/USDT has retraced 30% without a proper bounce yet and is currently sitting close to the bottom of the uptrend channel and on the 4 hour 200 MA.
We can see hidden bullish divergence on the RSI which usually indicates a good spot to re-enter in an uptrend.
The LINK/BTC pair shows it right on the upper trend line of the previous uptrend channel and is very close to a previous point of resistance (36k-37k sats) which now acts as support.
Bears seem to be too greedy right now so I expect a bounce soon, risk-reward is solid at this point.
In the case of BTC shitting the bed it's likely that this trade will become invalid, consider exiting if 1-2 candles close below the uptrend.
Buy zone: green area
LINK/USDT has retraced 30% without a proper bounce yet and is currently sitting close to the bottom of the uptrend channel and on the 4 hour 200 MA.
We can see hidden bullish divergence on the RSI which usually indicates a good spot to re-enter in an uptrend.
The LINK/BTC pair shows it right on the upper trend line of the previous uptrend channel and is very close to a previous point of resistance (36k-37k sats) which now acts as support.
Bears seem to be too greedy right now so I expect a bounce soon, risk-reward is solid at this point.
In the case of BTC shitting the bed it's likely that this trade will become invalid, consider exiting if 1-2 candles close below the uptrend.
Buy zone: green area
It would be wise to lock in some profit and wait to see if it will manage to push out off the channel and over the hourly 200 MA, it's pretty likely to retrace a bit: