The last time I analyzed Chainlink was when the price was bouncing off of the 0.001282 support region.
I warned my readers of the weakness still prevalent in Chainlink and the potential for the Chainlink price to break this 0.001282 support and continue dumping to the next support region which is at 0.001065.
You can read about it at “ChainLink Currently Bouncing Off Support. Should You Buy Now Or Wait?“
That bearish price prediction played out perfectly and in just a few days, the Chainlink price dumped more than 16%.
However, the Chainlink price only missed my bearish target price by a few pips before reversing and shooting up.
In this Chainlink analysis, I will be analyzing this bullish move and giving my honest opinion on if I think the Chainlink dump is finally over.
I will also be pointing out important levels I am currently watching and my entry criteria and trade confirmations for either a bullish or bearish trade on Chainlink.
Chainlink Is Currently Trading In No Mans Land
While Chainlink might have bounced off of support and made a bullish price surge, it is important to point out that this bullish move did not make a higher high.
This simply means that the overall structure is still in a downtrend and we might see further weakness come into Chainlink in the coming days.
However, right now nothing is confirmed and a bullish trend as not fully emerged. Entering a trade at this current level will only increase the number of uncertainties and risk you will have to face.
Important Price Levels And My Entry Criteria
In this section of the Chainlink analysis, I will be talking about the important things I am currently watching for on the chart as well as my entry criteria for both the bullish and bearish price scenarios.
Chainlink Currently Trading In A Channel
The Chainlink price is currently trading in a channel and the break of this channel either to the upside or downside could see price moving rapidly in that direction.
For a bullish move, I want to see the Chainlink price break the resistance at 0.001421.
The break of this resistance will signify the bullish trend as resumed and we can expect to see price keeping on heading higher as the days go by.
However, a break of the 0.00119 price support signifies the Chainlink price crash is not over and we can expect to see the Altcoin get weaker.
Until price decides to break out of this channel either to the upside or downside, I will remain completely neutral on the Altcoin and stand aside for more price confirmation.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.