On long-term weekly time period chart, the price action of Chainlink (LINK) is completing the final leg of bullish Gartley move, and soon it will be entered in the potential reversal zone. At this time price action is breaking down 25 SMA and on breaking down of 25 simple moving average the move will be confirmed, therefore, for patrons I would suggest that if you want to buy Link for long term then wait for this drop. There is also a 50 simple moving average in the potential reversal zone.
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Buying And Sell Targets:
The buying and sell targets as per Fibonacci sequence of Gartley pattern should be as below:
Potential reversal or buying zone: $8.52 to $5.37
Sell or Fibonacci projection zone: $11 to $16.97
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Stop Loss:
The potential reversal zone area that is up to $5.37 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per the above targets, this trade has a profit possibility of 216% and as per the above-mentioned stop loss, the loss possibility is 37%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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