AlanSantana

ChainLink Retrace Complete? | Let's Have A Look At The Chart

BINANCE:LINKBTC   ChainLink / Bitcoin
ChainLink ( LINKBTC ) had a massive bullish wave that ended in early July, it has been retracing since...

Right now we are seeing signals that the retrace for ChainLink vs Bitcoin might be over, let's take a look:

  • We can see a classic ABC correction.
  • Support was found at example the 0.786 Fib. retracement level from the last bullish wave.
  • LINKBTC is challenging EMA50 (0.00018919) right now. Closing above this level would also be bullish and can send its price higher.
  • The RSI is strong and moving above resistance.

With the above signals in, the market can still move in either direction.

If prices move lower and the 0.786 Fib. support (0.00014780) breaks, then LINKBTC is very l/likely to move lower. But if instead, it remains above this level, it is very likely that the uptrend can resume.

The signals are now bullish , the targets are marked on the chart with a magenta line.

Remember to use a stop-loss if you decide to trade and have a strategy before you buy.

Thanks a lot for reading.

Namaste.
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