Chainlink(LINKUSD) Elliott Wave Technical Analysis 12 October 2022

[tradinglounge]

Chainlink(LINKUSD)

LINKUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave V of Motive

Details: The price is still on a short-term downtrend. There is an opportunity to trade

below 5.311 but must not pullback above 8.533

Wave Cancel invalid Level: 8.533

Chainlink(LINKUSD)Trading Strategy: The decline of Wave (3) is likely to be 1.618 x Wave

(1) at the 5.508 level. This could be a short-term opportunity to open a short position.

However, the price must not pull back above 7.732.

Chainlink(LINKUSD)Technical Indicators: The price is below the MA50O and MA200 lines,

MACD and MACD Histogram have bearish Divergence the trend is bearish.

Tradinglounge Analyst: Alessio Barretta

 

 

 

 

Chainlink(LINKUSD)

LINKUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave (3)

Direction Next higher Degrees: Wave V of Motive

Details: The price is still on a short-term downtrend. There is an opportunity to trade

below 5.311 but must not pullback above 8.533

Wave Cancel invalid Level: 8.533

Chainlink(LINKUSD)Trading Strategy: The decline of Wave (3) is likely to be 1.618 x Wave

(1) at the 5.508 level. This could be a short-term opportunity to open a short position.

However, the price must not pull back above 7.732.

Chainlink(LINKUSD)Technical Indicators: The price is below the MA50O and MA200 lines,

MACD is below the Zero line, and the trend is bearish.