Link had a nice rally up the last few weeks but with any rally comes a correction.
First of all, the inverted cup and handle is bearish pattern telling us there is good possibility for further retracement. I put the 1D 21ma (green) and the 1D 50ma (blue) on the chart for guidance where price will be heading as these moving averages are very important. The bulls have managed to close price above the 21ma on yesterdays daily candle close, maybe today or tomorrow we will close below it signaling more retracement is around the corner.
With this being said we can look for a good place to open a long on Link. In the white box on the chart are 2 support trendlines, the 1D 50ma and horizontal support all coming together making it the perfect place to ladder into a long position.
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