LINK recovery in progress towards the upper part of the range




Market & Ticker: CHAINLINK – LINK/USDT 


Date: 18/09/2023 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 



LINK has been evolving in range since MAY 2022. This Range is forming a base for a long-term perspective. We do expect a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern. 
At the current level as long as 5.85 remains a tactical support valid a larger rise towards 9.50 is expected. On the short term 7,30 is acting as resistance (confirmation level) which must be surpassed to confirm a direct bullish acceleration. 


Technical Key Elements: 


- Range upper limit is at 9,50 (bullish exit potential stands at 13,50) 
- RSI indicator is above 50% and keeps potential 
- The Moving average are support at 6,40 
- Fibonacci key support is adjusted at 5,85 while the Elliot wave shows upside potential towards 7,30 and 9,50 

Trade Idea conclusion:  Buy - Conviction: 




Target 1: 9,50 

Confirmation level: 7,30 

Buy: add in dip area 6,40 

Stop: 5,85 (Daily close) 



Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) logo


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