Chainlink is our personal favorite as well as the crypto industry’s sweetheart. Usually we analyze daily on crypto currencies, but on Chainlink this time, we will do a swing analysis. Please keep in mind, like any other financial instrument; we have to book profits on the way. There is nothing like HODL in the financial world.

- Market structure: The current structure on Chainlink is bullish, as we see HH’s and HL’s forming. It broke the resistance area, which has now turned support, at the price level of 24.50. As this broke, it confirmed the bullish continuation. Link tapped the 30-price mark and then pulled back for a retracement. The ideal buy for Link would be at 24.50

- Trendline: There is a wedge pattern forming on Link. This wedge pattern has two trendlines: a resistance and a support. Given that we are bullish in structure on Link, this is a bullish wedge and we anticipate the mark up, instead of down. If market breaks the resistance/descending trendline, there will be bullish volume to continue Link to higher levels of 35-40.

- Retracement: The golden retracement area of 75-78.6% is at the support level. The confluence formed with the support and golden area makes it an ideal level for bullish position. The whole region from 61.8% to 78% of retracement perfectly aligns with the support.

- EMA's: Link has also formed a ranging market between the EMA’s. EMA 50 is bearish whereas, EMA 200 is bullish. EMA 200 might be retested at the support level, confirming us with an added bullish factor. There is a possibility Link retesting EMA 50 and then, resorting back down towards the support to retest the EMA 200.

- RSI/CCI: Both the oscillators are in the bearish region. RSI is at 42 and CCI at -32. There maybe two valid scenarios in this case. First one: oscillators drop to their over sold regions when Link touches the support level and we have over sold conditions to buy back Link. Secondly, oscillators might turn bullish from this area. In the second case, we won’t be hoping on the train for the bullish rush.

There is waiting on the Chainlink to completely capitalize the trade. We will not be looking at trades midway.

What do we have on CHAINLINK?

Aug 25 2021

Take Profit +24.09%

Holding time 6d20hr

24.277

Entry price

30.124

Take profit price

3