Chainlink (LINK/USDT) Bullish Momentum Setup
Updated
Current Price: $24.81
Support Level: $23.86
Resistance Level: $30.90
Key Levels:
- Stop Loss (SL): $23.86
- Take Profit 1 (TP1): $27.80
- Take Profit 2 (TP2): $30.90
- Risk-Reward (RR): 6.8
Analysis:
- Bullish Flag & Pennant Breakout: The chart shows a breakout from a bullish flag/pennant pattern, suggesting strong upward momentum.
- Above 21-Day EMA: LINK is trading above the 21-day exponential moving average, indicating a bullish trend.
- RSI: The RSI is at a healthy 55.57, signaling no overbought condition yet, and leaving room for further upward movement.
- Volume: A surge in volume during the breakout confirms market interest in this upward move.
Trade Setup:
- Entry: Once price holds above the support level at $24.80, a continuation towards TP1 ($27.80) and TP2 ($30.90) is expected.
- SL: A stop loss at $23.86 to manage risk.
Disclaimer:
This is not financial advice. Please conduct your own research before making any trades. All trades involve risk, and past performance is not indicative of future results.
Trade closed: stop reached
Disclaimer
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