Chainlink buys from 6.32
Vasl Capital
LNKUSD·
May 14 2023
Stop Loss -1.63%
Holding time 3hr
6.122
Entry price
6.022
Stop loss price
Link has broken out of a range, which potentially is the range on the bullish trend. The range has broken the resistance at the 7.25 level, and has now created the support at the early resistance. This needs to be tapped at the support and form the bullish price action to continue moving up. We are targeting the 7.95 price point as the 9% profit target. The price at the support is 6.32 which needs to be filled at the base line.
The descending trendline has broken out for buys and the market has also validated the price action for the continuation upwards. We will look for the smaller time frame breakout buys of the trendline for further confirmation.
There is no retracement setup attached to this setup.
EMA 50 is going to act as a profit target for our long positions as the EMA 50 still has not been retested and booking profits at the area is a good idea.
RSI is at 46. It needs to fall back into the over sold region where it can align with the price or chart factors in order to confluence with the support level.
CONCLUSION: BULLISHchai