LINK/BTC - falling wedge and possible reversal zone
LINK/BTC is currently at a point where a few trend lines converge and indicators show bullish signs which should provide enough support for a reversal.
We can see support from the previous uptrend which started early January and it's sitting right on what could turn out as a descending neckline.
There's bullish divergence on the hourly RSI since almost a week and most important of all it's very close to the tip of a steep falling wedge, which I haven't seen break out bearish so far (but under the current circumstances we might).
We gotta keep the current global pandemic in mind so tread carefully and wait for a move over the downtrend and keep a proper stop loss in place.
Good luck and let me know what you think!
We can see support from the previous uptrend which started early January and it's sitting right on what could turn out as a descending neckline.
There's bullish divergence on the hourly RSI since almost a week and most important of all it's very close to the tip of a steep falling wedge, which I haven't seen break out bearish so far (but under the current circumstances we might).
We gotta keep the current global pandemic in mind so tread carefully and wait for a move over the downtrend and keep a proper stop loss in place.
Good luck and let me know what you think!
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