Chainlink has been in a bullish spectrum, continuing to make higher highs and higher lows. The cryptocurerncy took a dip only to retrace for a further move up. 

Currently, LINK resides at a perfect demand/support area and has the capacity to continue moving bullish from this point onwards. 

We see a descending channel, which happens to be a corrective structure of trendline. Once market breaks the trendline for breakout buys, we will have an additional confirmation for the contiuiation upwards. Validation needs to be represented by the candles opening and closing above the trendline.

At the support level, we also have a golden retracement area at 75-78.6% level. This level will act as a catalyst for the market to push up.

Currently, market is ranging between the EMA 50 and EMA 200. Although the EMA 200 has been broken for buys and is retesting, EMA 50 is being tested as a resistance and has the potential to break upwards further.

Both the oscillators have bounced back from the the over sold areas. Once the neutralized leves have crossed, the confluence will be built with other factors for a long position.

Chainlink is one of the strongest projects in the blockchain space. We are targeting the 17% gain and then will shift our trading to another token.

Chainlink 17% long setup

Vasl Capital

Jan 14 2022

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