Bullish Shark formation:
The price action of Chainlink 1stformed a bullish Shark and now moving up from the potential reversal zone. There is also 50 simple moving average support in the buying zone and the priceline used it as a support.
Please watch the below video for detailed information:
Different support and resistance levels:
On 24th May the price action moved at $20 support and then broke out the $30 but today it has again broken down the $30 and moving to the next support at $25, but in order to reach $25 support 1st the price action needs to break down the support of a triangle.
The Ascending Triangle:
On the daily time frame chart, the price action of Chainlink has formed an ascending triangle. Today there was a breakout expected but due to the market dump, the price action of Link moved at the support of this triangle again.
The technical target of this triangle can be $47.
Big broadening formation:
On the weekly time frame chart, the price action of Chainlink has already taken bounce from the support and got stuck at the resistance of EMA 21. If the price action breaks out the triangle then it can also form another higher high.
Conclusion:
The price action of Chainlink is still bullish in long term, therefore, if the triangle’s support will be broken down then shorting the Link can be harmful. However, once we will have a breakout from the resistance of the triangle and the EMA 21 weekly then a big move can be expected.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
For more harmonic trading ideas you can join:
https://www.patreon.com/moon333
Link for Binance exchange, the best place to buy or sell Crypto:
