According to a recent analysis by CRYPTOWZRD, Chainlink concluded its trading session exhibiting bullish signs, suggesting potential future profits. Nevertheless, the analyst underscores that Bitcoin will ultimately be the trendsetter. Observing the intraday chart, the expert remarked that an early pullback may offer a quick trading opportunity, provided Bitcoin remains in line with the bullish overview.
Detailing his latest insights, the trader clarified that Chainlink’s daily candle officially ended with bullish inclinations, indicating a significant technical point in the ongoing trend. Simultaneously, LINKBTC concluded the session on a high note, strengthening the optimistic forecast for LINK in the short term.
However, the analyst stresses the need for additional bullish daily closes on LINKBTC to confirm momentum. A sustained show of strength could trigger an impulsive breakout above the daily candle’s lower high trendline, sparking the next upward surge.
An assertive move above the 0.000140 BTC resistance area is anticipated to boost LINK’s price action, offering bulls a distinct cue to drive higher. Given the momentum persists, LINK might rally towards the $16 resistance mark, setting a significant target for the current configuration. As of now, $12.50 remains a crucial support level on the daily timeframe and will serve as a buffer if bearish forces resurface.
Looking forward, the analyst indicates Bitcoin and Bitcoin Dominance as the main market influences for Chainlink entering the weekend. While maintaining a balanced perspective, CRYPTOWZRD intends to monitor Chainlink’s intraday chart meticulously for any unfolding scenarios.
In conclusion, the analyst emphasizes that Chainlink’s intraday chart hints at a bullish recovery, aligning with Bitcoin’s recent rebound. He is hopeful for more upside if the current conditions persist, especially if Bitcoin retains its strength. Despite the promising indicators, the expert notes that a temporary bearish pullback would be typical and beneficial in the current market setting. He believes such a pullback could offer an advantageous early entry point for long positions, particularly for short-term or intraday traders looking to exploit the volatility.
As the market evolves, CRYPTOWZRD advises traders to await clear confirmation of the next trade setup before taking action. He highlights that strategic patience will be crucial in identifying the most lucrative opportunities. Traders should monitor price behavior closely and be ready to move quickly when the next valid entry signal emerges.
