Chainlink (Link) Is Completing Setup For Next Rally
Hey friends hope you are well and welcome the new update on Chainlink DeFi token.
On the daily time period chart the priceline is moving in a down channel.
The price action of LINK is rejected by the resistance of channel and 100 simple moving average at the same time. The priceline is already moving below the 25, 50 and 100 SMAs and has strong support of 200 SMA at the same level where we have the support of down channel. Therefore there are chances that the price action of Chainlink may take another bullish divergence from the support of channel.
The priceine of Chainlink is completing final leg of bullish BAT and soon it can entere in potential reversal zone.
The targets as per Fibonacci sequence of bullish BAT pattern can be as below:
Potential reversal or buying zone: $7.17 to $5.53
Fibonacci projection or sell zone: $11.10 to $17
Conclusion:
The priceline is rejected by 100 SMA and the resistance of the channel, therefore it can test 200 SMA support and the support of the channel at the same time and complete the bullish BAT. After this bearish move we can witness another rally to the upside. The potential reversal zone of BAT pattern can be used as stop-loss as well.
On the daily time period chart the priceline is moving in a down channel.
The price action of LINK is rejected by the resistance of channel and 100 simple moving average at the same time. The priceline is already moving below the 25, 50 and 100 SMAs and has strong support of 200 SMA at the same level where we have the support of down channel. Therefore there are chances that the price action of Chainlink may take another bullish divergence from the support of channel.
The priceine of Chainlink is completing final leg of bullish BAT and soon it can entere in potential reversal zone.
The targets as per Fibonacci sequence of bullish BAT pattern can be as below:
Potential reversal or buying zone: $7.17 to $5.53
Fibonacci projection or sell zone: $11.10 to $17
Conclusion:
The priceline is rejected by 100 SMA and the resistance of the channel, therefore it can test 200 SMA support and the support of the channel at the same time and complete the bullish BAT. After this bearish move we can witness another rally to the upside. The potential reversal zone of BAT pattern can be used as stop-loss as well.
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