Chainlink’s May 15 bullish order block has stopped its price from bleeding in yesterday’s selling assault. An upward rebound is probable.

As a result, my June 12’s long trade plan has triggered its protective stop loss again after holding for 5 days and 14 hours:

https://www.finlogix.com/analysis/20240612/chainlink-intraday-analysis-and-trading-plan-for-june-12-2024

The US is set to have 3 remaining high impact economic reports starting on Thursday.

The crypto markets in general including Chainlink just have recovered from yesterday’s selling volatility.

Re-assessing LINKUSD’s high timeframe candles:

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

Monthly Candle: Still a Red Body with a Longer Tail Wick since last check

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Red Long Lower Shadow

Daily Candle: Previous close is a Red Long Lower Shadow current is a Green Body with a Longer Head Wick

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

A 3 straight frustrating weeks after the initial June 7 dump followed by last week’s dump then a weak intraweek opening till yesterday.

The crypto markets have been saved by the bell from last night’s weaker US Retail Sales reports but not yet of the woods as bears are looking for the 3 remaining high impact reports till Friday.

I will be referencing shallow retracement points of view from June 16-17 swing high to June 18 swing low.

These points both form bullish and bearish mini trends that respectively target 16.70 upward and 11.50 downward price trajectories.

In this analysis, I will be overhauling everything since my last 2 head and shoulders’ calls were all abolished.

Chainlink’s current swing high points suggest a rejection at the premium array’s 61.80% fib retracement level referenced by the bullish mini trend.

However, we can see a bullish intraday candle and pullbacks are going to have bid orders towards the 50% retracement at least.

For now the May 15’s bullish order block will help target the June 7 bearish order block.

I’m going to long Chainlink again through a possible pullback towards the mentioned 50% fib level.

I’ll be aiming the bearish order block for the take profit while setting the stop loss just below the bullish one shown above.

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 19, 2024

Jun 19 2024

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