LINK/BTC Finding support on the cloud and the Pivot? 4H Ichimoku
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LINK has been on everyone's radar lately and has had some positive fundamentals backing it up as well.
It needed to consolidate and retrace after the big move up but now on the 4 hour as it was far from the cloud and this points to being overbought. And it did retrace to the cloud and is holding above it as it bounced off the Pivot, the Cloud, and the Tenkan ( Yellow line ).
It could be a good entry here, it's above a confluence of supports and it bounced which is a strong sign for continuation and with a stop under the higher low the risk is minimal.
If you want to wait for confirmation you could wait for the Tenkan ( Yellow line ) to cross the Kijun ( Dark Blue line ) up.
LINK has been on everyone's radar lately and has had some positive fundamentals backing it up as well.
It needed to consolidate and retrace after the big move up but now on the 4 hour as it was far from the cloud and this points to being overbought. And it did retrace to the cloud and is holding above it as it bounced off the Pivot, the Cloud, and the Tenkan ( Yellow line ).
It could be a good entry here, it's above a confluence of supports and it bounced which is a strong sign for continuation and with a stop under the higher low the risk is minimal.
If you want to wait for confirmation you could wait for the Tenkan ( Yellow line ) to cross the Kijun ( Dark Blue line ) up.