LINK has been falling for some time now. It bounced recently along with most Alts. But it was slow to rise and early to stop.
Thus it may "need" one more leg (capitulation) . The bounce was off the 8.236, sometimes a wave ender. The 9.618 is almost always a move ender, so a safer buy.
The 5.618 is the most common first resistance. The 3.336 is where many "ABC" retraces end. The 2.236 is always a very strong resistance.
Lastly there is the "Impulse Zone" and its "Core". That is where the max selling occurred before. Lets see if we can get past the 5.618 as step #1.
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Just broke through the Initial Resistance now looking for a retest of the red 5.236 fib
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Zooming in on the move up, shows this run has "Fib Legs"
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zooming OUT to bigger picture with the new little fib in place we have mapped a likely next target for this move (red zone in the 2.10xx area. Of course, we need to get past the $2.000 round figure, which is already exerting resistance.
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Here we are with an EXACT ping of previous resistance Lets see if bulls can hold, but that precise reaction was a good sign
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Nice little bounce off that previous resistance Those exact reactions are always telling
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LINK fared the best during this crash. It fell the least and bounced the most. But check out where it bounced from: Now THAT is what I call a PING (sharp reaction at a precise point).
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Still "Ping-ing" the fibs Lets see what happens at the 6.236 after the exact reflection off the 5.618\
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Hmm, pierced the 6.236 probably will head to the 6.618 below, unless bulls can retest the 6.236 and get a clean bounce off it.
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Another fib pierced, now to watch the next one below?
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LINK hit the "often very strong resistance" zone and retracted as expected But I must say that I an quite surprised by the bull strength in this coin.
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LINK continues to surprise with its strength. Bravo to the Faithful. Now we are approaching "Impulse Redux", a full round trip to return to the scene of the crime (the force that started the move down). I will post a new Idea with that Impulse zone in closer view.
@RTurner090, Hi,
"Fib Legs" as in the waves are following a rhythm, hitting the fib extensions precisely.
For example the 2.618 extension is a common spike event, and such waves often end up going to the 4.236 or 4.618 of that fib.
If a move does NOT show adherence to the fib ratios, then I am less confident in the move, and unable to imagine targets.