• The short and medium-term outlook is in the bullish trend.
• Traders may consider buying at pullback areas with bullish reversal candles as confirmation.

LINK/USD Medium-term Trend: Bullish

Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.50, $2.00, $1.50

CHAINLINK continues in a bullish trend in the medium-term outlook. The bearish exhaustion was noticed at the 50.0 fib area, a trend reversal zone on 21st June. LINK fell to $1.59 in the demand as a doji candle was formed indicating a reversal. The bulls held on to the market as price rose initially to $1.98 on 22nd June.

The bulls returned after a minor consolidation yesterday as the market opens today at $1.87 with a large bullish candle. Increased momentum pushed LINKUSD price initially to $2.13 and later to $2.14 in the supply area.

This was a retest of the high predicted in the last analysis and subsequent breakout as the pressure becomes stronger in the medium-term.

Price is above the two EMAs while the signal of the stochastic oscillator points up at 80% which suggests upward momentum in price. $2.40 in the supply area is on the horizon as more buyers take positions in the market.

LINK/USD Short-term Trend: Bullish

The short-term outlook of the cryptocurrency is a bullish trend. The bullish doji formed at today’s opening at $1.87 confirmed the bulls’ dominance. LINKUSD rose to $2.08. With increased bullish momentum price was up at $2.14 in the supply area.

The presence of wicks at the supply area suggest bullish exhaustion with a minor draw down to the 10-EMA before upward continuation in the short-term.

The two EMAs are fanned apart which suggest strength in the context of the trend and in this case the uptrend.

The bulls may push price up to $2.20 in the supply area before minor correction in the short-term.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.