$LINK /USDT BEARISH OUTLOOK: DOWNTREND CONTINUES š
Here's a technical analysis of the LINK/USDT chart:
Key Levels:
* Current Price: $13.23
* 24h High: $14.17
* 24h Low: $13.20
* Immediate Resistance: Around $13.40 - $13.50 (where price previously found support, now likely to act as resistance).
* Stronger Resistance: The area around $13.70 - $13.80, and further up at the 24-hour high of $14.17.
* Immediate Support: The 24-hour low of $13.20 is acting as immediate support. A break below this level would indicate further weakness.
* Next Potential Support: If $13.20 breaks, the next potential support could be around $13.00, or even lower towards $12.80 based on previous price action not fully visible.
Market Next Move (Bearish):
The chart clearly shows a strong bearish trend with the price consistently making lower highs and lower lows. The dominant red candlesticks and the current position near the 24-hour low indicate significant selling pressure. The market is showing no signs of a reversal yet.
Trade Setup (Short Entry):
Given the strong bearish momentum, a short trade appears to be the most viable option.
* Entry: Consider a short entry on a confirmed break below the immediate support of $13.20. Alternatively, if the price attempts a minor bounce, a short entry on a retest and rejection of the $13.40 - $13.50 resistance zone would be ideal.
* Take Profit (TP):
* TP1: $13.00 šÆ
* TP2: $12.80 šÆ
* TP3: $12.50 šÆ
* Stop Loss (SL): For a short entry near $13.20, place your stop loss above a recent resistance level, perhaps around $13.55 - $13.60. If entering on a retest of $13.40 - $13.50, a stop loss above $13.75 would be appropriate. š
Risk Management:
Always prioritize risk management. Only risk a small, predefined percentage of your trading capital on any single trade (e.g., 1-2%). Always set a stop-loss order to protect your capital and adhere to it strictly. Never trade with money you cannot afford to lose. š”ļøš°
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