After taking hits on Chainlink for 2 long setups, we are expecting a bounce from the $16. We are in a bearish trend, on a lower time frame, but on a higher time frame, we are still bullish. At this level of $16, support level, seems to a strong catalyst for a mere bounce up for 25%.

At the support level, the retracement level of 75-78.6% is at the support level, which indicates a confluence level.

Link is at the descending fork pattern. The market has tested the support trendline and the price action rejected it. On the upper side, the trendline is due to be broken out for buys. Once breakout buy takes place and is validated for buys, it is an added confirmation for the market to further go up.

Both the EMA's are currently in a bearish sentiment/momentum. The death cross has been cofirmed for the bearish move on this pair. EMA 50 will be considered as the take profit level.

Both the oscillators are in a bearish region right now, which indicates that the market has exhausted, in the over sold region, and has the chance to move up from here.

We are expecting a bounce on this pair for a mere 25% given, the market is in a bearish momentum right now.

Recap on Chainlink

Jan 31 2022

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