We are still bullish on Chainlink, where it has formed a bullish penant. 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 10.44

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 60 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.

Bullish penant on Chainlink

Oct 29 2023