LINKUSDT price action is now returning to the Monthly Inside Bar Zone after rejection from neckline of the Head and Shoulders Top. I'm expecting a swing downward to fill the gap below the weekly volume POC by least at Monthly Inside Bar open level. This level seems to be a psychologic key level for traders that waiting for long positions opportunities. I'm considering, if price reaches this zone at the time of the US Market open, a strong pullback can occurs. Then a 2nd touch to superior trendline will be expected. Due to the bearish tendence of US market, specially after S&P500 made a lower low invalidating a possible double bottom, more lows can be expected. LINKUSDT will remains bearish below weekly volume POC @ USDT 7.00 zone when entering in a daily bearish momentum with a weekly candlestick bearish close. 2 weekly candles downward can be form a right shoulder on 1W chart due to a Butterfly as showed on comments below. Then a potential breakout from this monthly Inside Bar will be the frontier for bears to project new bearish impulsive wave.
Oscillator:
Fisher Transform H4 and 1D timeframes
Oscillator:
Fisher Transform H4 and 1D timeframes
Note
Note
Potential Head and Shoulders projecting a breakout from a bearish pennant on 1W chart plus Butterfly w/ a min X-D leg 1.272 retracement level Note
A health retrace occurs as expected. The price tends to fill the prior 1M inside bar candle body till it's 1M close price in confluence to the Fibonacci Retracement @ 14.6% which I'm watching to a possible Long in a short-term aiming the new supply area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.