Chainlink, is one of the best cryptocurrencies. The cryptocurrency we have been bullish on since and before the bearish mark down. Even now, we have premium level buying opportunity on the Link.

The market marked down earlier but was unable to form a another leg down forming a lower low. Due to this, we can assess that the market has stalled at the level of support, which hold strong for the market to let it move down.

The support level is the area we will be looking to go long.

The descending trendline is on the verge of being tapped. There are two scenarios with the trendline. Either the market will break the trendline with bullish force, or it will reject the trendline with price action. We will be looking at the price action at the trendline tap.

The golden retracement area is in confluence with the support level. This means that the 75-78.6% level will be a strong foot hold for the market to continue moving up. The price point for this is $5.80.

The ema 50 is still bearish. This bearish move needs to be neutralized and broken out for buys, in order to change the direction of the EMA 50. With the break of trendline, we anticipate that the EMA 50 may also breakout buy.

The RSI is at 45. At the support level, the RSI needs to be at the neutralized level or has formed a bullish divergence in an over sold area. We will be looking at the confluence of the RSI with the market structure and will take a long position from there.

Link under consideration

Jul 22 2022