Let's add this coin to a watchlist as it looks interesting. We could open long positions following a breakout signal above 5.00USD and a reversal from 7.00USD. Now the coin looks overbought, and from TA point of view, it can reverse from any round number levels and correct the previous upward movement. It will give us a new buying opportunity in the direction of the main uptrend.
I would like to see a reversal from the zone between 9.00USD and 7.00USD. It will keep the bullish structure, and we will have enough space for a new upward movement.
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
It’s in price discovery. Hard to say when anything is “overbought” in price discovery. It could retrace or be parabolic at this point.
DLavrov
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@Hop7777, we can get signals from indicators or just look at the chart. If the price moves in one direction without pullbacks, we can say that the market probably is overbought/oversold.
@DLavrov, Are you just discovering LINK? When it hits a new price discovery phase, it doesn't pull back like most assets. It's an oracle system, it's price discovery doesn't generally lead to pullbacks. I've been charting and trading LINK for almost 3 years; It's price is correlated to the value and amount of data that it processes, this is a rare asset where the market basically follows suit in it's growth. Due to it's protocol, it does't need to pull back to make room for growth.
Realistically, $9.15 to $9.45 is going to be the next "good re-entry point", and I wouldn't be surprised if it doesn't go below $10. Especially given the ongoing devaluation of the USD, I don't believe we will ever see $7 again, let alone $5. This is just about the only coin on the market I would say something like that with unwavering certainty.
Shelby504
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OverBought? :-)
sudharamesh74
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sir timeframe n which strategy ur used in this pls let me know....
HeyJonBray
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@sudharamesh74, If you look at the chart, it's all right there. 1 day timeframe showing 2 moving averages and a signal line, plus RSI and DMI.
superkitty
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have been closely washing this and nailing it I don't this until the target I have up we will see a retrace , every little "dump we have is about 10% then a new rip up to ATH
TRADER470
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@superkitty looking for a entry, what target you think is realistic for retrace