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LINK/USDT Potential Downward Movement

LINK/USDT Long-Term Trend: Bearish

Key Resistance Levels: 26.42, 27.51, 30.00

Key Support Levels: 24.47, 22.90, 20.82

Daily Chart:

The asset on the daily time frame managed to break out of the wedge formation to the downside. We are about to see a reversal in the price of Chainlink coin where a move downward might begin.

LINK/USDT Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, the price is trading inside a descending channel formation. A higher correction is expected to the previous key level which coincides with the 61.80% Fibonacci retracement level. This could lead to a move downward to the 24.47 USDT level.

Signal Idea:

Sell Limit Order @ 26.25

TP 1 @ 24.47

TP 2 @ 22.90

Stop Loss @ 27.13

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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