Chainlink / Dollar may fall to 11.49 - 11.66

Our pivot point is at 12.48.

Our preference

The downside prevails as long as 12.48 is resistance.

Alternative scenario

Above 12.48, look for 12.78 and 12.95.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 12.78 and 12.98).

Supports and resistances

12.95 **

12.78 *

12.48 **

12.37

12.03 last

11.66

11.49 **

11.32 *

11.15 **

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