Chainlink is still battling in a range between two zones. There is no clear direction. We are taking our bet on the range to range trade on this pair. We will be looking to buy at the support level till the resistance level and continue if market moves beyond the resistance. That being said, we also have a retracement area at the support level which apparently will push the market up.

The descending trendline is on the verge of being broken out for buys. Once broken out and validated, there is a confirmation for the buys.

The retracement level of 61.8% is in confluence with the support level. It

EMA 50 is still bearish, depicting a bearish direction. That being said, we should ascertain the fact that market may retest the EMA 50 at the resistance level.

RSI is at 62. This indicates the marketi being at the bullish region. We need for the market to neutralize so that we can align with other technical factors.

We are still waiting on Chainlink for a potential uptrend once its pushed beyond the levels. Tehnically, the fact remains that the whole crypto industry is in the bearish turmoil. We need to see the whole perspective.

Chainlink took our stops and went up

Nov 27 2022