Chainlink's support level is currently at 6.50, where a stop loss has been triggered. The market is now approaching a double bottom formation at the other support level of 5.60. Market has formed a lower low and lower high on the chart but that does not mean the trend has shifted towards the bearish side. We still have this last support standing before we shift our bias.

Despite being in a descending channel, the ascending trendline remains upwardly curved, indicating a bullish momentum. A breakout of this channel could result in a cryptocurrency buy.

The retracement level of 78.6% is slightly above the support level, which may break, and the market could continue towards the support level.

EMA 50 is indicating a sellout with a steep downward curve, suggesting a continuation of the bearish trend.

RSI currently stands at 37, needing to neutralize at the 50 level mark. Technical factors on the charts will be taken into consideration to align with RSI.

Stop loss but still looking for another buy

Mar 12 2023