Hey, friends hope you are well and welcome the new update on the Chainlink DeFi token. In this video you will watch how:
On the daily time period chart, the priceline is moving in a down channel.
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The price action of LINK is rejected by the resistance of the channel and 100 simple moving average at the same time. The priceline is already moving below the 25, 50, and 100 SMAs and has the strong support of 200 SMA at the same level where we have the support of the down channel. Therefore there are chances that the price action of Chainlink may take another bullish divergence from the support of the channel.
The priceine of Chainlink is completing final leg of bullish BAT and soon it can enter in potential reversal zone.
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The targets as per Fibonacci sequence of bullish BAT pattern can be as below:
Potential reversal or buying zone: $7.17 to $5.53
Fibonacci projection or sell zone: $11.10 to $17
Conclusion:
The priceline is rejected by 100 SMA and the resistance of the channel, therefore it can test 200 SMA support and the support of the channel at the same time and complete the bullish BAT. After this bearish move, we can witness another rally to the upside. The potential reversal zone of the BAT pattern can be used as stop-loss as well.
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