Chainlink is looking good for the intraweek with a developing double weekly bottom. Sellers should be ready for their protective stops above the 14-15 range levels.

As a result, my June 27’s long trade plan has ended in another loss after holding for 7 days and 13 hours:

https://www.finlogix.com/analysis/20240627/chainlink-intraday-analysis-and-trading-plan-for-june-27-2024

The US is set to have 9 scheduled high impact economic reports starting this Tuesday with key highlights on Fed Chair Powell’s speeches.

The crypto markets in general including Chainlink have printed out new lower lows extending their respective downturn since June 7.

Re-assessing LINKUSD’s high timeframe candles:

Yearly Candle: Still a Red Long Upper Shadow with a Small Body since last check

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

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Shaven Head

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

In today’s analysis, I will be referencing the retracement points of view from July 2-5 swing high to low move.

I want to believe that these retracement points have created a one last but needed sell side liquidation in order for Chainlink to go higher again.

Last line of bullish defense was shown from last week’s sell side liquidation.

If bulls are able to close out the current weekly candle in green, then a new up wave has started.

Today’s trade plan is to ride the wave upward through entering at the current price levels with the same 17 take profit target and a deep stop loss at 10 level.

This long position is enough to end my 4 loss streak.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

I think that the down wave from June 7 is finished. We keep watch.

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

Chainlink Intraday Analysis and Trading Plan For July 8, 2024

Jul 08 2024

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