LINK.BTC (Y20.P3.E3).TA on the Macro structure

23 Tem 2020

Hi,

:::::::::::::::: LINK/BTC :::::::::: This is an updated reviewed TA from the of the previous LINK.BTC post, link below ::::::::::::::::

This chart gives a graphical account or explanation on the structure so far where we noted the howg fib. levels come into play and make sense. Therefore I will add some short commentary to what I have taken from this.

Observation:
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> Note how I have a number of fib. sections on the left of the chart and how I used them which basically indicated from the top of each impulse we have a retraction to the 0.618 fib retracement level;
> The blue arrows summarize the impulse moves from top to the support\retracement level (to 0.618)
> Note how the gradient of each cycle, bottom line, is increasing in steepness (trend-line);
> Note at a few areas, we have contraction\squeeze at the bottom trend-line, indicating another big move to come, represented by the green triangles;
> Note the blue thin line (main resistance level) representing the top of each phase as a ascending triangle.
> Some fractal's taking place;
> Obvious one is that the trend upwards is maintained and is a beautiful healthy structure to keep going, likely;
> The arc dotted lines are associated with fib circles which makes sense since we have a fib. level structure in price action;

My Thoughts:
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From here I have 2 scenarios;
scenario 1: we have made the top in this impulse and will have a pullback to the previous top level as depicted on the chart;
scenario 2: we have not made the top in this impulse and we can go slightly higher to the red section, which will make the precious top level equal to the 0.618 retracement;
This is represented by the red arrows at the top of the chart, or possibly higher.

For now, I'm using the 8 HRLY or 12 HRLY to trade within this structure but reserve most of my funds to the orange level either way.

How to trade this?
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I have jump in at 0.382 level as my WT indicator plus the bullish candle has given me the signal and I'm not sure if its going to play out as per this post or as the red arrows (scenario 2) indicate.
I don't think it will go higher but either way, I'll sell when I feel the top is there.

Below are some screen shots some from a few hours ago.

Please give me a like or tick for this effort.

Thanks,
S.Sari

Reason I bought in:


Reason for scenario 2, refer to the red fib. levels on the right side of the chart




My previous version of the structure

25 Tem 2020

Not

26 Tem 2020

Not

LINK with USDT

27 Tem 2020

Not

I did not expect it to drop this quick

2 Ağu 2020

Not

Chart update: ignore fractal shadow.

12 Ağu 2020

İşlem kapandı: hedefe ulaştı

To my surprisingly the target was hit...the method I used was logical yet surprising.
I better look over this again and see how I could have traded better