Looking at our highest timeframe we can see Chainlink has been in an uptrend since being introduced to the OK Exchange. Stochastic RSI showing momentum has followed price and respecting uptrend structure. Our previous higher low was formed at 340 satoshis, followed by a higher high at 508. Price action is now looking to form a higher high with support found at 390. A look at our smaller timeframes will give us a better picture.
Shifting over to our pattern timeframe we can see LINK is an ascending triangle pattern, stochastic rsi momentum continuing to respect uptrend structure as well. Recently we saw a rejection at 440, and are now looking for support before our next move. Possible sell-off to 400 satoshis, but we’ll have to look at our trigger timeframe.
Finally looking at our trigger timeframe we can see LINK has broken out of its minor downtrend, retested for support, and is now in an uptrend. Stochastic RSI showing momentum was in favor of the bears, however, we may have bottomed out. A 4hour candle close above 433 activates our trade, and we should expect the price to continue to the upside, rejection from this level, and expect a sell-off to 425.
