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foreign link is and has been in this range for um yeah I dont know nearly a year now I mean nine months pretty much in this sideways range prices we did move up and down um but lately its been making lower lows and lower highs and um yeah I mean we have a first first few signals that things might be changing as you know but um Im not convinced yet um we need I I need to see more to believe it we have other coins that look lets say much more bullish also due to their structures um there are a few things we need to talk about here now um and Im going to show you first the downside scenario so in the downside scenario um after this Wave 4 Peak which occurred in November we came down to what I believe was a wave one we peaked in a wave two and we are on track to moving down in a wave three the wave three is in ABC pattern in an ending flatbed in an ending diagonal we would then see a four and a five that would be the bearish count that um is valid as long as we stay below 950 okay um it is just what it is so that bearish scenario wont go away until we break above 950 the reason for this is that um first of all a b wave can be overshooting so this could at the moment just be a b wave still a b c or even if we break above the high of the wave two and even if it is not an overshooting B wave um and it goes way higher and but stays below 950 it could just be a wave 2. so unfortunately so it is therefore still a setup where we have to have some doubts so this could easily just be an a wave um one second let me just think no wave one down yes and then a b c into and then sell off later so there is at the moment no way of saying that a bullish scenario is you know confirmed despite the rally but all coins rallied okay um looking at the context here however it still has a bearish touch to it um nevertheless this doesnt mean you couldnt trade it on the long side in fact we talked about those key levels when we had when we did expect further upside um in videos here since then the uptrend hasnt finished and it seems to be still carrying on I mean we still havent made a lower low um but we need to talk about a few things now so there is of course you know at any point we have to expect a local top in place you know if it is selling it can sell off in a c wave at any time because were getting to the end of what a b wave can do yet surely it could still push a bit higher but um its getting sort of towards the end of it now saying that as if it pushes higher it could just be a c wave um in a wave two that we just have to reset the wave two and I will do that okay but it will always make you aware of a possible bullish scenario as well however without a one-two sets up a clear one two setup this is something where I cannot really give you a high probability entry point or a um yeah how do we say yeah hope high probability trade or low risk High reward rate there are other coins that gave us a much clearer signals now this starts to look a little bit of you know like what Ada is doing yeah if youve been watching the Ada videos its a similar thing here um where also with Ada we had here a possible diagonal pattern in a wave one and we could come down in a wave 2. now however ideally this is now finished yeah this diagonal pattern should be finished and it should imminently come down into this region between 584 and 644 however I dont have a strong signal yet if wave 5 was finished this could have been an a wave this could have been a b wave even though its quite strong now and then we should be selling down in a c wave fairly shortly now the other possibility is and this would actually be lets say short term quite bullish but at the moment there is no way for me to confirm it this would become much more likely if we really really now maybe next week through the 752 level to the upside and that scenario would be if Im saying that maybe the wave one was in here um let me think how I would construct this possibly even put the wave one here and then I had an a wave down in three waves a b wave up in three waves and a c wave down because this looks quite like an impulsive move down so ABC which means if we now rally I would have to assume that we had a very very shallow wave too um not my preferred option but I need to make you aware of it because we need to know you know what is there needs to be a bullish in the bearish scenario anyway so if we now rally through I cannot really stick to this deep Wave 2 retracement now saying that Im not telling you we will definitely get there this is a in my opinion if we if we get there a low risk High reward entry point now making a wave 2 here is nothing I would necessarily want to trade personally now its done now anyway um because its just it just leaves too many options open but if we now rally through 748 this would be the bullish case the bearish case would still be that we reset the Wave 2 but then of course still can push higher oops but let me reset the Wave 2 here its still not moved far enough to consider a bullish case um as primary clear primary scenario because we havent we havent changed the daily Trend I mean lets be honest zoom out we havent changed the daily Trend to consider the daily Trend change we need to go at least above um 950. now we havent done that okay so just the explanation why Im not more bullish because there is no reason at this stage yeah surely you can trade these these patterns and everything but um also now you could consider we are in a in a in ascending wedge now in all likelihood you could consider that a bearish case bearish pattern um you might draw that a little bit more like a channel like this okay um and yes but then I still need a breakout of the channel to the officer to have a more short-term bullish case so you know by all means you know if we break out of the channel if youre a breakout Trader surely you can trade that way three if you like to I dont like to trade breakouts um but if this is the case we should rally in a third wave to around 976 and it would most likely take us off that 950 threshold and it would make a bullish case much more likely now saying that we would still only have three waves so it would still not be a final confirmation that the bear Market is over for that we need five waves and three waves down because this could still be a deeper way for okay but either way um we can only take it level by level here so but these are the levels to watch out for you ideally Im I will show you that as an option um especially if we now rally and probably through the weekend we will know more uh if we break above that channel then I will consider this until then we can still look at this as a wave 2 here and I would still like to see it come down into this region one two or the bearish pattern is of course possible as well which leaves a lot of options open which is why the chain link chart is very yeah these are too many options open right its not that clear not as clear as other charts therefore especially due to this sideways range since uh May so its not really my favorite chart at the moment but yeah thats my update about chain link I hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content please check out the channel membership thanks a lot for watching bye foreign Trade on Bybit:Receive an up to $30,000 bonus see terms on Bybit Chainlink LINK Price News Today - Technical Analysis Update! 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