Chainlink price could create one of the most sought-after bullish entry setups in Point and Figure analysis: the Bullish Catapult. However, buyers must keep Chainlink above a certain price threshold, or the pattern will be invalidated
Chainlink price has been hovering below a crucial resistance level at $28.20 for the past two weeks.
A decisive close above this...
Trading suggestion:
". There is a possibility of temporary retracement to suggested support line (28.18).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. LINKUSD is in a uptrend and the continuation of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
....
Trading suggestion:
". There is a possibility of temporary retracement to suggested support line (28.18).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. LINKUSD is in a uptrend and the continuation of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
....
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If Link loses the uptrend it will very likely test the long established trend line again.
When that support brakes next target imo will be around the $1,00 region
where there is a nice cluster of the 1:1 extension from A to B,
the bottom of the parallel channel and the median line from the original Pitchfork.
