Chainlink / Dollar may fall to 11.04 - 11.18

Our pivot point stands at 11.75.

Our preference

The downside prevails as long as 11.75 is resistance.

Alternative scenario

The upside breakout of 11.75, would call for 11.99 and 12.14.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 11.76 and 11.95). Finally, the Chainlink / Dollar has penetrated its lower Bollinger band (11.50).

Supports and resistances

12.14 **

11.99 *

11.75 **

11.65

11.47 last

11.18

11.04 **

10.89 *

10.75 **

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