Hey friend, hope you are well and welcome to new update on Chainlink.
H&S Formation:
The priceline of Chainlink formed a Head $ Shoulder pattern and even broke down the neckline of this pattern.
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Breaking down the support and Gartley formation:
In the meanwhile the price action of Link also broke down the support of an up-channel on 9th Dec. While breaking down the support the price action also formed a Gartley move, that can lead the priceline to re-test the previous support of channel as resistance and now it is moved up and re-testing. There is a good support of 100 SMA but the 50 simple moving average is also working as good resistance.
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Long-term harmonic moves:
On long term weekly chart, the price action of Chainlink is forming different harmonic moves. In Nove 2019 it completed a Gartley move and after turning bullish in Feb Mach 2020 the price action completed another harmonic BAT move. Now the price action is using EMA 10 and 21 as good support, but if these supports will be broken down then it can again move upto 58% down for the completion of another Gartley move.
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Conclusion:
So far on the long-term weekly chart, the price action of Chainlink is having strong supports of exponential moving averages 10 and 21 but on the daily chart is re-testing previous resistance of the channel as support. If it will be failed to re-enter in the channel then it may breakdown the EMAs on long-term charts as well. Therefore we should keep an eye on these EMA supports and use them as stop-loss as well.
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