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Technical Analysis Update and Price Now! chainlink proceChainlink LINK Price News Today - Price Forecast!


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foreign video about link so link as you might remember from the last video what we talked about it did briefly drop below the 78.6 retracement in our support area I mean it can still turn around here in this particular setup we talked about the one two setup and then here another one two setup of the higher degree third wave yeah and as I highlighted to you we have some good possibilities in my opinion here on the long side across the market at the moment um we still have the bearish case here on the chart thats also still very likely but as long as the bullish scenarios are holding here I would rather go with that um if I look at what Bitcoin ethereum are doing and the altcoins unless they all completely break down now a link should also recover to a degree and and rarely in in this third wave the question is only um this I would say probably this one two setup is probably failing yeah um it is probably failing and the reason is that weve come down a little bit too much and the current price action of Link doesnt really suggest that we are already turning around here yeah its a bit like Bitcoin like a bit of a bear flag and one more low would be expected so Im going to make an adjustment here in the count it doesnt really well it changes the support area in a way that Im allowing it to drop a little lower I explained to you why the previous assumption was that we rallied here in a wave one to an ending diagonal we came down in a wave moved up in a b wave yeah and came down in a c wave of this wave too I mean that was a profitable trade that was generated quite a good one the thing is because link is so stubborn it has come down a little bit too much to make that one two setup here like likely so it would mean that were now in the third but within the third weve got this one two set up now Im now going to change the count in a way as Ive done it for polka dot I will move the wave 1 here and this Wave 2 is going to be reset possibly yeah um this is a more reliable account in the short term and it allows us to allow it allows link to drop a little bit lower and still remain with a wave 2 scenario so the idea is wave one finished here at the Peak at around 780 and Ill show you why thats likely it is likely um well one second well that would basically mean that we are doing something like this we Peak then wave one then came down in an a wave a very clear three wave move had an overshooting B wave and were now coming down in C I think that is the one that I would prefer now because weve come down a little bit too low for the other scenario and I think we should get a reversal here at least we have another possibility in this support area here which I will add to the chart in a minute um the reason why I find that likely is because if we look at the retracements if you remember what I told you about an overshooting B wave it reacted perfectly to the 1.38 FIB retracement at 8 35 which means we have a good chance this was a retracement in a b wave were now coming down in a c wave like many other coins are doing it in a wave 2. so this was in fact just an a wave just a an impulsively looking B wave to be honest but its best I can tell at the moment okay so what would that mean in terms of a support area or a new support area for this wave too it would first of all mean we are in this support area already for possible scaling in to trade the third wave oh were not one sec were not were not were not but um okay were not yet um I would still though allow it to already bottom here or very very shortly the reason is that it could be a so-called running flat and the C wave doesnt necessarily need to go below the a-wave flow okay um those flat patterns however are difficult yeah because if you have this situation a wave down B wave up C wave down the C wave yeah a common Target for the C wave is either the so-called one-to-one ratio where the c-wave has the same length as the a wave thats sort of the minimum you would expect thats here already reached now weve broken that next ideal Target would be six uh dollars and eighteen but the minimum was reached already so we need to be ready I would say ideally it reaches that 50 FIB level which is at oops 6 56 but Im telling you if you know if if you want to get into link might be worth adding already a little position already now because a lot of coins have reached their support areas I dont want to you know I dont want to tell you we would definitely get there um it could it could turn around a little earlier but at the moment my full expectation would be to come down a little lower yeah because price action doesnt yet suggest it has bottomed so I would still expect the 50 to be uh reached and then the third wave could take us to 10 11 plus thats sort of how I see it and also um yeah I mean you could then say okay maybe we had a wave one here we had a wave two um then possibly a one two three four maybe one or two more lows now uh would then be anticipated this could be an ending diagonal here I am could even say maybe we had a one two okay three four possibly this is yeah I mean if its an ending diagonal the C wave it could already be done thats what I mean you know dont try to fish for the lower slow but this is the key support area where I think the link has the next chance to turn around um but for now the trend is still down and I would also look at Bitcoin ethereum for possibly another low so um but again I would not fish for the lowest one so scaling into support is again here a good strategy at the moment and then it has a good chance to turn around there and as long as its holding 588 it should be able to give us that third wave but below that level the Bears will get into control and we continue down with our bearish case which should head into the 350 region um but until then those setups can be traded on the long side and I would not speculate for a new low necessarily below the June lows as long as we have bullish setups which are in right in front of us to be traded yeah and if they fail you know thats why youve got a stop loss and but theres a decent chance for it to turn around there in my opinion okay thats my update about link I hope you like the update if you did please hit like button leave a comment and subscribe and if you really like the content then please check out the channel membership thanks a lot for watching bye Trade on Bybit:Receive an up to $30,000 bonus see terms on Bybit Chainlink LINK Price News Today - Technical Analysis Update! Cryptocurrency! In this video I talk about a technical analysis of the LINK Chainlink price and I talk about some important price moves that are happening right now! Chainlink Price Prediction of this Cardano ADA partner! ----------------------------------------------------------------------------------------- Links: Bitget: Sign up for Bitget via my link: to get a $15 bonusFor the first 100, first come first served and to get free access to my foundations trading course reach out to when done. To get free access to the trading course you need to deposit $500 to Bitget and make a trade. Technical Analysis with TradingView: Set up trading bots with 3commas.io: Trade on Coinbase: Receive $10 in BTC see terms on website: Trade on Binance: Receive a 15% fee discount lifetime when using this link. 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