Chainlink / Dollar may fall to 12.80 - 12.99

Our pivot point stands at 13.95.

Our preference

The downside prevails as long as 13.95 is resistance.

Alternative scenario

The upside breakout of 13.95, would call for 14.28 and 14.48.

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 is trading under both its 20 and 50 period moving average (respectively at 14.48 and 14.53). Finally, the Chainlink / Dollar is trading below its lower Bollinger band (standing at 13.75).

Supports and resistances

14.48 **

14.28 *

13.95 **

13.82

13.67 last

12.99

12.80 **

12.60 *

12.41 **

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