LINKUSD Elliott Wave Technical Analysis (Daily Chart)
LINKUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave 2
Invalidation Level: Not defined
Chainlink (LINKUSD) Trading Strategy:
In the prior upward wave (Wave I), LINKUSD completed an Expanded Diagonal structure, topping out at $17.97. The subsequent pullback, classified as Wave II, followed a Double Zigzag pattern, reaching the 0.786 Fibonacci retracement level at $11.43.
Currently, prices are climbing in wave (1) and may be entering a corrective wave (2) before initiating wave (3), which could indicate a renewed bullish impulse.
A significant resistance level is located at $16.00, acting as a bullish confirmation point. If price action breaks above this zone, it could affirm a mid-term bullish trend for Chainlink.
Trading Strategy Highlights:
✅ Swing Trading (Short-term):
- Wait until the current wave (2) consolidation concludes.
- Position during wave (3) to capitalize on potential momentum.
🟥 Risk Management:
Monitor the $10.80 level as a potential invalidity zone to manage downside exposure.
LINKUSD Elliott Wave Technical Analysis (4-Hour Chart)
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave 2
Invalidation Level: Not defined
Overview:
Mirroring the Daily Chart, Wave I peaked at $17.97, and the retracement in Wave II bottomed at $11.43, completing a Double Zigzag correction.
The current price activity suggests upward momentum in wave (1), with a likely minor pullback in wave (2) forming short-term.
The $16.00 resistance remains a crucial breakout level, which, if breached, supports the bullish case for wave (3) continuation.
✅ Swing Trade Strategy:
Stay patient until wave (2) ends to initiate new positions into wave (3).
🟥 Invalidation Zone: Near $10.80
Technical Analyst: Kittiampon Somboonsod, CEWA
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