Elliott Wave Analysis of ChainLink/USD (LINKUSD) - Daily Chart Insight
LINKUSD Daily Chart Analysis
Elliott Wave Technical Analysis for LINKUSD
- Function: Counter Trend
- Mode: Corrective
- Structure: Zigzag
- Current Position: Wave C
- Future Direction: Aiming for Wave (I) of an Impulse
- Invalidation Point: $8.498
- Detailed Insight: The correction in Wave (II) mirrors 61.8% of Wave (I), as seen on the logarithmic scale chart, pinpointing a critical level at $8.702.
Trading Strategy for ChainLink/USD (LINKUSD) Based on our Elliott Wave analysis, we anticipate a potential downturn for ChainLink, targeting the $10.585 mark as part of a second wave correction. Traders should prepare for a temporary pullback before the subsequent rise in the third wave. It's advisable to await the completion of this correction before re-entering the market to capitalize on the ascending trend.
LINKUSD Technical Indicators:
- The market positioning above the 200-day moving average (MA200) suggests a prevailing downtrend. Additionally, our Wave Oscillator indicates bearish momentum, reinforcing the need for strategic entry points during this corrective phase.
Elliott Wave Analysis of ChainLink/USD (LINKUSD) - 8-Hour Chart Overview
Elliott Wave Technical Analysis for LINKUSD
- Function: Follow Trend
- Mode: Motive
- Structure: Impulse
- Current Position: Wave 5
- Future Direction: Progressing towards Wave ((C)) of a Zigzag
- Invalidation Point: $81.238
- Detailed Insight: The analysis foresees a descending trajectory within Wave ((C)), targeting the $11.582 level as part of a broader five-wave decline.
Trading Strategy for ChainLink/USD (LINKUSD) Our short-term analysis suggests that ChainLink may retest the $10.585 level, following the pathway of the second wave correction before mounting a rally in the third wave. Traders should monitor for completion of this correctional wave, providing an optimal juncture to align with the anticipated upward momentum.
Technical Indicators:
- The presence above the MA200 indicates an ongoing downtrend, confirmed by bearish signals from the Wave Oscillator. These indicators are crucial for traders looking to optimize their market strategies during fluctuating price movements.
Technical Analyst: Kittiampon Somboonsod
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Conclusion
In conclusion, the Elliott Wave analysis for ChainLink/USD (LINKUSD) offers a structured glimpse into potential future movements both in the daily and 8-hour chart scenarios. By closely monitoring the specified invalidation levels and corresponding corrective targets, traders can strategize effectively, using the insights provided by our technical indicators. As ChainLink approaches these critical junctures, adherence to a disciplined trading strategy will be key in leveraging potential market opportunities.