LINK has made a good correction from its upward move. It has retested the last break-out area, and the candle closed above the area. It has been on a long-term bullish cycle with periodic corrections since July. The current move up had supporting structures of a double bottom in longer timeframes. We have a support structure holding the higher price created by SL order clusters below the current consolidation area, which it retested. Remember that an SL order of a sell/short position is actually a sitting duck order of a buy/long. The selling pressure couldn't push the price low enough, which is why I am expecting some liquidations of sell or short orders, or SL triggers, meaning market execution of buy pressures to kick in if the price manages to bounce back up from this retest of support, pushing the price much higher. I am expecting a retest of the resistance at 33.40, 34.85, and 36.40.
Trade closed: target reached
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