Chainlink Elliott Wave technical analysis [Video]
|LINK/USD Elliott Wave technical analysis
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Function: Follow Trend.
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Mode: Motive.
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Structure: Impulse.
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Position: Wave ((5)).
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Next higher degree direction: Wave I of Impulse.
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Wave cancel invalid level: $17.88.
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Details: The target for Wave (5) is projected near $39.29, based on the Fibonacci 1.618 extension of previous waves. This aligns with standard Wave V expectations in Elliott Wave Theory.
Elliott Wave analysis trading lounge daily chart, 28 January 2025
LINK/USD trading strategy
LINK/USD is currently at the start of Wave (5), maintaining a clear uptrend. If the price remains above the key support level and breaks the resistance at $30.978, it could initiate a long-term uptrend. Traders should monitor wave structures and critical price levels closely to adjust their strategies.
Trading strategies
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If ETH sustains support at $2,899.73 and signals a reversal, it would confirm the end of Wave II.
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Consider buying within the correction range of $22.617–$21.508, but only upon receiving a clear reversal signal.
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Set a short-term profit target of $30,000 and a long-term profit target of $39,290.
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Place a Stop Loss below $20.358 to guard against potential structural changes in the wave pattern.
LINK/USD Elliott Wave Technical Analysis
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Function: Follow Trend.
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Mode: Motive.
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Structure: Impulse.
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Position: Wave (2).
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Next higher degree direction: Wave ((5)).
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Wave cancel invalid level: Not specified.
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Details: A breakout above $26.40 would confirm the beginning of Wave (3) within Wave ((5)), supporting a bullish trend.
Elliott Wave analysis trading lounge four-hour chart, 28 January 2025
LINK/USD trading strategy
LINK/USD remains in the early stages of Wave (5) with a strong upward trajectory. Should the price maintain above the key support and surpass the resistance level of $30.978, the long-term uptrend will likely persist. Keep tracking wave structures and levels to refine your trading approach.
Trading strategies
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If ETH sustains support at $2,899.73 and indicates a reversal, it would signal the completion of Wave II.
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Look to buy within the correction range of $22.617–$21.508, waiting for a confirmed reversal.
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Aim for a short-term profit target of $30,000 and a long-term target of $39,290.
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Place a Stop Loss below $20.358 to mitigate risks tied to wave structure changes.
Chainlink Elliott Wave technical analysis [Video]
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