Although, we have a running position on Link, we are still going to stack on it. 

We were bullish on chainlink since the begining. We had earlier bought the crypto at the lower price and now that the market has formed the bullish structure and trend on H4, we are anticipating its continuation upwards towards the next resistance level.

Our stacking price of the pair is at 7.28.

The descending trendline might be broken out for buys once the markup has started. Whereas, the ascending trendline is about to be retested at the support level.

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

EMA 50 is bullish and the retest is still due which I might get at the support level to continue moving up.

RSI is at 62 and it needs to be broken out from the 50 level in order to continue its course towards the bullish side. From here onwards, the market will align with the technical parameters for the bullish mark up.

Stacks on earlier position on Chainlink

Oct 22 2023