• LINK/USD has been in a consolidation for more than six months, with bulls and bears waiting for a breakout before acting.
• A bearish flag might form, with the measured move of the horizontal channel being its width.
• Bulls should wait for the price to break above $9.5 and ideally above $10 before going long.
LINK/USD has consolidated for more than six months following an abrupt selloff, resulting in both bulls and bears having to wait for a breakout before acting.
Bearish Flag Pattern?
When looking at the chart of LINK/USD, it appears that a bearish flag pattern may be forming as part of a longer-term trend. The measured move of this horizontal channel is its width, so traders should look out for a breakout in either direction to determine their next move.
Bulls Must Wait For Breakout
For bulls to go long on LINK/USD, they must wait until the price breaks above both $9.5 and ideally $10 before entering any positions. Until then, they must remain patient as the market consolidates further or else risk entering too early and missing out on any potential upside gains.
Crypto Market Rally
In 2023, there was an overall rally within the cryptocurrency market which saw Bitcoin surge upwards significantly which also resulted in bullish movements across other coins such as LINK/USD from $6 up to $8 but not strong enough to break past previous lower highs set by bears thus still keeping them in control of overall sentiment.
LINK/USD is currently in a long-term consolidation following an abrupt selloff which has left both bulls and bears frustrated but also presents interesting opportunities to trade if one can identify where the breakout will occur first based on technical analysis such as forming patterns like bearish flags or measuring out moves based on widths of channels formed via horizontal consolidations.