LINK/USD Elliott Wave Analysis – TradingLounge 1-Day Chart
LINK/USD Elliott Wave Technical Overview
Function: Trend Following
Mode: Motive
Structure: Impulse Pattern
Current Position: Wave ((5))
Next Higher Degree: Wave I of Impulse
Invalidation Level:
Market Insights:
LINK/USD price action is progressing within Wave 5 of an overarching bullish Elliott Wave pattern, indicating strong upward momentum.
LINK/USD Trading Strategy:
- Wave (4) concluded at 17.837, aligning with the 61.8% Fibonacci retracement level, followed by a bounce towards Wave (5).
- A positive oscillator reading suggests robust upward momentum.
- The Wave (5) 1.618 Fibonacci extension target is estimated near 39.290.
Key Market Scenarios:
- Bullish Outlook: If LINK/USD sustains above 24.759, potential price targets are 30.978 and 39.290, signaling continued bullish sentiment.
- Bearish Outlook: A break below 17.837 could drive the price down to the 15.918 support zone, indicating potential downside risks.
LINK/USD Elliott Wave Analysis – TradingLounge 4-Hour Chart
LINK/USD Elliott Wave Technical Overview
Function: Trend Following
Mode: Motive
Structure: Impulse Pattern
Current Position: Wave ((5))
Next Higher Degree: Wave I of Impulse
Invalidation Level:
Market Insights:
LINK/USD continues developing within Wave 5 of an extensive bullish formation, supporting the ongoing uptrend.
LINK/USD Trading Strategy:
- Wave (4) concluded at 17.837, aligning with the 61.8% Fibonacci retracement level, initiating a bullish Wave (5) movement.
- The positive oscillator reading reinforces the likelihood of upward continuation.
- Wave (5) 1.618 Fibonacci extension target remains near 39.290.
Key Market Scenarios:
- Bullish Outlook: Holding above 24.759, LINK/USD may rally toward 30.978 or 39.290, confirming the bullish trend.
- Bearish Outlook: A breach below 17.837 may expose the support level at 15.918, signaling possible downward movement.
Technical Analyst: Kittiampon Somboonsod
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