As pertinent we are on Chainlink being the future of the cryptocurrency space, the moves keep on bouncing us. Right now, we anticipate a short term bearish move on the pair from the price of 6.75, which is the break of the support level. This breakout sell will push the market towards the next support giving us approximately 5-6% profit. The price action is solid for the bearish pressure.

The ascending trendline has broken out for sells earlier and has been validated for the sells. Therefore, we anticipate a further decline.

There is no retracement indication as the bearish pressure is strong in this scenario.

EMA 50 is just above the current market price and is blanketing the candlesticks at the resistance.

RSI is at 42. This needs to be neutralized at the 50 level from where the market can further push down towards the support level and then onto the over sold region. 

Note: We place our stops at break even once the position starts to go in our favor.

Strong bear control on Chainlink

Feb 12 2023