LINK is retesting the support level at the price of 16. This level is strong in a way to continue itself upwards after gaining the momentum. The resistance level at the price of 18 is strong enough for the market to tap into that region. The trend for chainlink is higher highs and higher lows and the mark up continues.

The descending flag pattern is formed and the market if breaks the descending trendline for the breakout buy, it will continue moving upwards.

There is no retracement level in this setup.

EMA 50 is curved upwards with a solid bullish momentum and trend. But, at the moment, it is bearish being below the price action. Once the market taps back above the EMA 50, it will show us the bullish sign.

RSI is at 64. It needs to dwell into the bullish region after retesting the zone at the 50 level or fall below the over sold region in order to align with the technical factors of the chart.

Buy Chainlink at $16

Dec 10 2023

Stop Loss -4.35%

Holding time 1hr

16.031

Entry price

15.333

Stop loss price