📉 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
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
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.