Chainlink / Dollar may fall to 12.12 - 12.30

Our pivot point is at 12.98.

Our preference

The downside prevails as long as 12.98 is resistance.

Alternative scenario

Above 12.98, look for 13.29 and 13.47.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 13.12 and 13.55). Finally, the Chainlink / Dollar is trading below its lower Bollinger band (standing at 12.71).

Supports and resistances

13.47 **

13.29 *

12.98 **

12.86

12.68 last

12.30

12.12 **

11.94 *

11.75 **

Number of asterisks represents the strength of support and resistance levels.