Chainlink bulls are stabilizing the price above 9.40 level readying for a potential push up move soon.

As a result, my July 8’s long trade plan has ended in another loss after holding for 24 days and 3 hours:

https://www.finlogix.com/analysis/20240708/chainlink-intraday-analysis-and-trading-plan-for-july-8-2024

The US is set to have 1 remaining high impact economic report tonight.

The crypto markets in general including Polkadot have maintained its recovery rally 3 days in a row from Monday’s selling aftermath.

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 29 – August 5 swing high to low move.

From here I am looking for an upside move for Chainlink as long as the latest 4H bullish FVG holds which is coincidentally aligning the 23.60% fib where 9.40 level is.

I have given up most of my July Finlogix crypto trading plans’ unrealized profits including Chainlink.

Crypto markets are one of the most notorious in terms of sudden price fluctuations and it’s very, very important to have proper risk management.

Remember my advice to use trailing stops to avoid giving back the supposed gains to the market or at least go back to break-even.

Today’s trade plan is long again based on the holding 4H bullish FVG above.

Entering through the current 4H candle’s probable pullback with a tight stop loss only while targeting a potential higher high soon.

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

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

Chainlink Intraday Analysis and Trading Plan For August 8, 2024

Aug 08 2024

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