Chainlink still trading in a right shoulder from the bigger inverse head and shoulders pattern surviving last Friday’s bearish onslaught.

My May 26’s long trade has triggered its protective stop loss:

https://www.finlogix.com/analysis/20240526/chainlink-intraday-analysis-and-trading-plan-for-may-26-2024

The US is set to have 11 high impact economic reports starting tonight.

The crypto markets in general including Chainlink are trying to fight for their new lower support levels from Friday’s dump aftermath.

With another heavy data week in the US, we are expecting a high volatility trading in a few hours this evening!

Re-assessing LINKUSD’s high timeframe candles:

Yearly Candle: Last check is a Green Spinning Top now a Green Long-Legged Doji

Monthly Candle: Previous close is a Green Body with a Slightly Longer Tail Wick current is a Red Body with a Longer Tail Wick

Weekly Candle: Both previous close and current are Red Body with Longer Tail Wicks

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

Note: I’m using Tradingview.com under the LINKUSDT pair in Binance Exchange to thoroughly re-assess these high timeframe candles.

If we pay more attention right now, the Chainlink just completed a corrective mini head and shoulders pattern that is part of the bigger inverse head and shoulders!

This means only that the overall price trajectory is still upward.

Current price levels have just returned and maintained within May 16-17 bullish breakaway gaps.

The good part is, these gaps are not yet fully retraced amidst last week’s brutal crypto market wide dump.

Chainlink’s price is subject to retesting the bigger inverse head and shoulders' neckline resistance first.

Then targeting the mini head and shoulders' neckline resistance next.

I’m going to long Chainlink again through the current price levels with a take profit aim towards a complete breakout above the mini head and shoulder’s neckline resistance.

In case I’m wrong again, I’m putting a stop loss just below the mentioned breakaway gaps.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

Chainlink Intraday Analysis and Trading Plan For June 12, 2024

Jun 12 2024

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