LINK/USDC - (BUY) LINK reached target at 20.90 ! A pause il likey before further direct rise
Market & Ticker: CHAINLINK – LINK/USDC
Date: 02/12/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
LINK has been evolving in descending range since MARCH 2023. This Range is forming a base for a long-term perspective. We expected a bullish momentum to 30.50/38.00 in the coming month.
At the current level as long as 13.90 remains a tactical support valid a larger rise towards 30.50 is expected. On the short term 20.90 is acting as resistance to bypass to release the upside long-term potential towards 30.50.
Technical Key Elements:
- RSI indicator is iin oversold area
- The Moving average are support
- Fibonacci key support is adjusted at 13.90 while the Elliot wave shows upside potential towards 30.50
Trade Idea conclusion: Buy
- Strategic Target Max 30.0
- Tactical Target 30.50
- Tactical key support (Pivot) 13.90 Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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