LINK/USDT Weekly Analysis - Potential W3 target @ $34

20 May 2024

NOT FINANCIAL ADVICE

TL;DR Amazing weekly close last week, break above 200VWMA, potential W3 target @ $34

• LINKUSDT just had an amazing week last week (+23%), with 50VWMA acting as support and a break above the 200VWMA.
  
• If $12 was a local bottom, we could expect a W3 to the $34 area (1.618 fib of the last leg up). A HH above $23 would be a great confirmation.
  
• Should Elliot Waves keep playing out, we could expect a W3 retracement to the $23 - $25 area, followed by a W5 to the $40 - $50 area. Take this with a grain of salt as it's still very early and we will need confirmations. 🧂
  
• The Weekly RSI just got back above 50, leaving plenty of room for moves to the upside.
  

20 May 2024

Not

Typo: "we could expect a W3 retracement" should have been "we could expect a W4 retracement".