We are looking at chainlink on the Daily timeframe. We are waiting for the double bottom to be formed at the price of 5.00.

Link has broken out of a range, which potentially is the range on the bullish trend. The range is still intact and market still has not broken on either of the sides. We will be looking to buy at the support level priced at 5.00. Our target would be at 6.00, which is the resistance. This is more of a intraday-swing trade on the pair.

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. Even on H4, we are looking at another descending trendline formation, which if broken will continue towards the bullish side.

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

EMA 50 is on the verge of breaking out from the EMA 50. If its done, then it will continue to move up with confirmation.

RSI is at 53. 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.

Another attempt on Chainlink buys from 5

Jun 25 2023

Pending

Published 99d ago

7.487

Current price

5.077

Entry price