Nearing Target Range; Next 3-Day Candle Upward Pressure May End.
I've posted the cover chart again (below) in case it's hard to see and read in the cover chart. The NEXT 3-Day Candle may be the last period of upward pressure before reversal to downward pressure begins. It would not be a bad idea to setup a TRAILING Stop if you use an API via 3Commas to have access to a tool called "Trailing Stop." You may consider setting your "Trailing Stop" at 5 percent or 8 percent. This means you will have a stop loss trailing (moving up) with the price action AS THE PRICE ACTION RISES. This keeps you from having to manually adjust your stop loss higher as the price goes higher.
Here is a previous publication for LINKUSD posted on July 20, 2020. Click "Play" icon.
Here is a previous publication for LINKUSD posted on July 20, 2020. Click "Play" icon.
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24h Time Frame:
24h Time Frame:
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3-Day Time Frame:
3-Day Time Frame:
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Current "Pull Back" price range estimate is based on Pitchfork "Diagonal" Support Levels. The chart below shows the Fibonacci 0.618 FIB ReTrace between $10.50 and $8.75 IF WE HAVE GONE AS HIGH AS WE ARE GOING TO GO NOW.
IT IS IMPORTANT TO REMEMBER WE STILL HAVE ROOM FOR MORE UPWARD PRESSURE IN THE 3-DAY TIME FRAME. Which means we might now have seen as high as we are going to go yet. If we do go higher, it would mean my calculations for my FIB 0.618 FIB ReTrace would be different than what you see in the chart above.
It's IMPOSSIBLE to know for sure (100%) how high the price is going before a major pullback. WHAT'S IMPORTANT is we know we are potentially approaching an end to upward pressure. Which means it's time to implement a TRAILING STOP to lock in gains. That TRAILING STOP can be setup at a range you choose between 5% and 8% on a pullback. I personally prefer 8 percent but that's me.
Current "Pull Back" price range estimate is based on Pitchfork "Diagonal" Support Levels. The chart below shows the Fibonacci 0.618 FIB ReTrace between $10.50 and $8.75 IF WE HAVE GONE AS HIGH AS WE ARE GOING TO GO NOW.
IT IS IMPORTANT TO REMEMBER WE STILL HAVE ROOM FOR MORE UPWARD PRESSURE IN THE 3-DAY TIME FRAME. Which means we might now have seen as high as we are going to go yet. If we do go higher, it would mean my calculations for my FIB 0.618 FIB ReTrace would be different than what you see in the chart above.
It's IMPOSSIBLE to know for sure (100%) how high the price is going before a major pullback. WHAT'S IMPORTANT is we know we are potentially approaching an end to upward pressure. Which means it's time to implement a TRAILING STOP to lock in gains. That TRAILING STOP can be setup at a range you choose between 5% and 8% on a pullback. I personally prefer 8 percent but that's me.
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If you had a Trailing Stop setup for 8 percent, you should have been stopped out at $16.8728. The HIGH was $18.3488... 92 percent of $18.3488 equals $16.8728. Which means you should have got stopped out around $16.8728. Why am I saying "AROUND 16.8728???" Because a MARKET SELL should have been initialized at $16.8728. Which means the LINK you sold for USDT was at or just below $16.8728 until your sell order was filled. The current price at this writing is $16.6206.
I still believe the current 3-Day Candle will be the BEGINNING of a correction. My opinion of course. If you have been stopped out, it's up to you if you wish to give it a go for another potential leg up. I would be cautious about going all in with another leg up. Maybe a PERCENTAGE of your gains for another leg up. But again, that's up to you...
If you had a Trailing Stop setup for 8 percent, you should have been stopped out at $16.8728. The HIGH was $18.3488... 92 percent of $18.3488 equals $16.8728. Which means you should have got stopped out around $16.8728. Why am I saying "AROUND 16.8728???" Because a MARKET SELL should have been initialized at $16.8728. Which means the LINK you sold for USDT was at or just below $16.8728 until your sell order was filled. The current price at this writing is $16.6206.
I still believe the current 3-Day Candle will be the BEGINNING of a correction. My opinion of course. If you have been stopped out, it's up to you if you wish to give it a go for another potential leg up. I would be cautious about going all in with another leg up. Maybe a PERCENTAGE of your gains for another leg up. But again, that's up to you...
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WOW... LINKUSDT doesn't want to quit!
This is the last day of the 3-Day Candle beginning August 13, 2020 before a NEW 3-Day Candle begins. Looks like we may hit the 4.618 FIB extension.
WOW... LINKUSDT doesn't want to quit!
This is the last day of the 3-Day Candle beginning August 13, 2020 before a NEW 3-Day Candle begins. Looks like we may hit the 4.618 FIB extension.
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PULLED BACK VIEW:
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3-Day Time Frame:
3-Day Time Frame:
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2-Day Time Frame:
2-Day Time Frame:
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Do NOT draw a conclusion yet from what I'm posting here. I'm going to follow up with a couple more charts after this one.
Do NOT draw a conclusion yet from what I'm posting here. I'm going to follow up with a couple more charts after this one.
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6 hour (Left) and 12 hour (Right):
6 hour (Left) and 12 hour (Right):
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45 minute TF (Left) and 90 minute TF (Right):
45 minute TF (Left) and 90 minute TF (Right):
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I'm NOT going to draw a conclusion that LINKUSDT is in a prolonged bear trend into September until my "Cascade Rule" using the White Energy and Red RSI has made the transition all the way to using the White Energy in the Daily and the Red RSI in the 2-Day Time Frame.
It's possible upward pressure might resume if certain things play out in the rule I explained above. If we continue cascading into using the White Energy in the Daily and the Red RSI in the 2-Day that results in continued downward pressure, we will have likely seen the indicators in the Weekly Time Frame look like we will have a prolonged bearish trend into September. Meaning, the indicators in the Weekly Time Frame will have likely moved to a point in which they indicate a higher likelihood of a continued downward pressure into September and possibly October. This will increase the likelihood of using the 0.618 FIB Retrace drawn on the chart below. If one has a LOT of capital, they may consider "Dollar Cost Averaging" by scattering buy orders in between the 0.382 and 0.5; buy orders between the 0.5 and 0.618; as well as buy orders between the 0.618 and 0.786.
I'm NOT going to draw a conclusion that LINKUSDT is in a prolonged bear trend into September until my "Cascade Rule" using the White Energy and Red RSI has made the transition all the way to using the White Energy in the Daily and the Red RSI in the 2-Day Time Frame.
It's possible upward pressure might resume if certain things play out in the rule I explained above. If we continue cascading into using the White Energy in the Daily and the Red RSI in the 2-Day that results in continued downward pressure, we will have likely seen the indicators in the Weekly Time Frame look like we will have a prolonged bearish trend into September. Meaning, the indicators in the Weekly Time Frame will have likely moved to a point in which they indicate a higher likelihood of a continued downward pressure into September and possibly October. This will increase the likelihood of using the 0.618 FIB Retrace drawn on the chart below. If one has a LOT of capital, they may consider "Dollar Cost Averaging" by scattering buy orders in between the 0.382 and 0.5; buy orders between the 0.5 and 0.618; as well as buy orders between the 0.618 and 0.786.
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It's POSSIBLE this may only be a PAUSE at the 0.382 FIB ReTrace for now before stair stepping down another FIB Level. We are still using our "Cascade Rule." Posting the following 12h chart for future reference...
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