Chainlink's support level is currently at 7.20. The market has started to move up and is now just going to retrace back to take up on our longs. The level we are targeting is the minor support level from where we can go long. Other than this, market has started to form higher highs and higher lows. This means, market is going to form a bullish trend.

Despite being in a descending channel, the ascending trendline remains upwardly curved, indicating a bullish momentum. The breakout buy has been triggered and is validated by the price action. The candles have opened and closed above the trendline.

The retracement level of 61.8%, whic is in confluence with 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 47. This needs to dwell into the over sold region. After that we will have to form a bullish divergence. 

Chainlink at support

Apr 09 2023