In this article we are going to discuss pure Technical Analysis of Chainlink, after suffering a dip following the latest move of Bitcoin, pulling back LINK below the previous support line. We are going to discuss potential support lines, resistance, momentum and possible targets. Please remember that this is not a financial advice, do your own research and trade wisely.
The image below represents the chart of LINKUSDT on 1hr timeframe. Right now we are trading below a strong resistance of around 13.3060$. In the chart you can observe a red trend line acting as a support around 12.66$. Falling from this support line will lead LINK to trade between 11.46-12.6$. The next support line will be around 11.4$ and 10.01$.
A good long entry should be after retesting the trend line around 12.67$. If the price holds and closes 4hour candle above the line, this represents a possible pump from this price. Failing will pull us back to 11.5$.
In general, the market right now is in a momentum of uncertainty. It is important to watch closely BTCUSD price.
Being able to break the resistance line of 13.3$ will push link back above 14$.
If the price for the next few hours respects the trend line, we will confirm the formation of an ascending triangle on 1hr chart, most probably will lead to the breakout above 13.3$
This was a brief analysis for LINKUSD, please comment your opinion, suggest another coin to analyse.
We would appreciate a like, follow, tip and comment.
Follow us on Twitter @Cryptoarmygroup
Thanks for your attention.
Crypto Army
