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hey hows it going welcome back to the channel in this video were going to be taking a look at chain link I do want to say that Im not a financial advisor you should do your own research before investing money into crypto if you havent seen the previous chain link update make sure to watch that before watching this one its going to be linked in the top right hand corner of the screen now lets jump straight into the TA so taking a look at the daily chart we still have the same Fibonacci retracement on the chart now if you dont know how to use the Fibonacci retracements make sure to check out the description theres going to be a video where I explain how to do that precisely how to use the Fibonacci retracement as it is a very important part of my technical analysis so we have the swing low printed all the way back here in May of 2021 at 54. and we have the swing low over here in December of 2020. now our technical Target is all the way down here at two dollars and fifty cents Im not sure if were gonna get there in this bear Market I dont think were gonna do that um I think the lowest wed go if we saw a flash crash potentially would be 3.68 which is the 1.414 but we havent even retested the 1.272 uh we Wicked towards it but we havent really retested it and a retest of that 1.272 would be very good because as you can see the yellow trend line that is right on top of the 1.272 is where we actually uh got rejected multiple times as you can see in this Zone we had multiple run-ins in this area and we had a lot of resistance touches and then we broke out in July of 2020 and since then we havent seen these low prices and now we came back down here and I was really expecting us to retest that five dollar region and then we could start coming up but that hasnt happened yet so obviously you can have your buy limit orders ready and set to go uh we could we could still see a flash crash any Black Swan events are still on the cards or on the table and uh you know you never know whats gonna happen so you have to be ready for both outcomes now what we did have here is this channel up pattern as you can see and we broke down from this channel up pattern and we retested it as resistance once and we are retesting it as resistance once again with a lower high and potentially were going to see another move to the downside here so hopefully with this move to the downside were going to be able to hold some sort of a support level here without actually dropping below this local low that we printed in December of last year of 2022 what could also happen is we might come back down and do something like this where youre going to have an inverse Head and Shoulders pattern with a breakout Target to somewhere you know to probably 10 11 which is going to be pretty good but were getting a pretty strong impulsive move to the upside here so we do need to see some sort of a pullback because uh as you all know the higher you go without any sort of retracements you are going to see a pretty strong pullback so so I really want to see a healthy retest of the 20ma on the daily chart I think thats going to be fair so if you want to enter chain link I think this is still very cheap for chain link so off of the 20 EMA here 6.80 I think thats a pretty good entry obviously from these lows here at 5.40 that was the best entry but a lot of people were scared and they werent buying at that point and so far were up 38 and were running into the resistance of the channel up pattern so I do think were going to see a pullback here Im going to be honest with you Bitcoin is very overextended so Im simply waiting for a pullback with my cash on the sidelines and if you want to set up the buy limit orders or all the way down to the 1.272 thats still something thats still very smart and so far chain link if you zoom out and you take a look at this whole structure here right you take a look at all of this youre basically in the sideways Channel since May and I think that once you get out of this range once you start breaking out I think youre gonna see a very very strong move to the upside because this accumulation phase has been going on for a very long time and once you see the breakout I think its going to be glorious so make sure you dont sell too early because if you see these strong candles coming up I wouldnt be taking profits necessarily because we can just continue pumping and I think things are going to be looking very good towards the end of 2023 and 2024 2025 is when our bull market mode is going to be back on so lets hope we can all stay with our crypto until that point and not do anything stupid where we managed to sell at a very very unfavorable point so jumping into the daily RSI lets see whats going on here so zooming out as you can see we did have a very nice retest here at the end of December of this yellow support trend line that I gave you and we retested that yellow support trend line multiple times and every time we had a move below it or off of it we saw a move to the upside so this was no different so this was a very good entry point we ran into the a white trend line were almost into the white trend line we Wicked above it here into the over bot just slightly and now were pulling back down so I would say this white trend line here this diagonal white trend line is going to be a very important level for us to hold as support if you want to continue this uptrend so I would say as you can see you have one touch in my One Touch in September last year uh One Touch in November then a fake out and I moved to the upside so I think that we need to hold this as support and that would be a great entry point for you but like I said if you see any flash crashes and the RSI does something like this here just like we did here in August of 2022 where you have that massive pullback thats going to be your best buying opportunity and let me tell you something if we see a flash crash within the next couple of months that is going to be the last flash crash before the bull market I can almost guarantee it because thats typically where they shake out pretty much everyone thats left with mildly weak hands theyre gonna sell and from there they can start the bull market just like they did in March of 2020 if you know what I mean so yeah thats thats something that could happen as well so Im ready for both outcomes I have enough chain link for now but if we go below five dollars again uh I would be buying a lot of tokens at that point so lets jump into the binance website real quick and before we continue I quickly want to ask you do you value your privacy if the answer is yes then you must take a look at expressvpn expressvpn offers you the Privacy that you deserve no activity logs and no connection logs your internet provider wont be able to access anything and anyone using the same open free Wi-Fi in the cafe as you wont be able to do any harm or breach your security you can use the expressvpn application on any device you can connect it to your PlayStation or you can even connect it to your router so that anyone who connects is automatically secured or if youre looking to access any region blocked content on your streaming platform while expressvpn can do that as well if youre living in the Netherlands and you want to access a TV show thats only available in Japan well my friend you can do that with expressvpn you can use the link down below in the description and get a discounted price along with three extra months for free you can get your money back if you dont like it but I dont see any reason why you wouldnt like it because we all need the privacy and in todays age especially and you can also pay with Bitcoin so thats a really cool feature as well and lets get on with the video so taking a look at the weekly here as you can see we have a support block six dollars twenty two and a half cents all the way to five dollars thirty four and a half cents this is our support block every time we enter that support block we have a move to the upside ever since May thats been happening ever since May last year I mean and let me just extend this as you can see were trying to break above this uh trying to break above this red resistance trend line and thats exactly what were doing here if we manage to close the candle above thats going to be pretty good if we manage to hold the 20 Mas support thats going to be great but uh like I said we need to see Bitcoin break the August high and we need to see a healthy pullback because the longer we go without a correction without a healthy correction um the more uh likely it is that were going to see a pretty strong pullback so we have to be ready for that but this is looking good for chain link as were getting some nice volume coming in the past three weeks were getting uh an EMA squeeze on the macd so things are pointing towards a move to the upside however like I said we need to see a healthy retest so currently with the RSI lets see whats going on here we saw a pretty nice pullback at the end of December almost getting to the green support trend line we talked about uh were above the resistance block that we had ever since May March of 2022 so were above that that is pretty good now what we need to do is we need to hold either the support block or we need to hold this light blue light blue support trend line okay thats something that we need to do and those would be great entries for chain link for anyone looking to enter chain link and if we continue with this move to the upside you can look at the 53 on the index as a sell Point since that is where we ran into resistance in January of 2022 thats a resistance level we could be targeting if we continue with this uptrend but I dont think its going to be sustainable because as you can see every time you have this massive move on the weekly you typically see a pullback another massive move on the weekly you see a pullback massive move on the weekly you see a pullback another massive move on the weekly you see a pullback so every time you have this strong move to the upside you see a pullback so that is what Im expecting here and Im waiting on the sideline with my money and hoping to buy into my old coins that is pretty much everything that I wanted to cover in this video thank you all for watching Im going to see you in the next one feel free to check out my patreon theres going to be a free seven day trial uh so you can go ahead and check out all the content that Ive been posting there ever since October 2021 and if you like it you can stay if not then let me know what you didnt like specifically because I do have a lot of low cab gems in there and I just posted another low cab gem post and you have my portfolio in there so yeah let me know and thats gonna be it thank you all take care goodbye Thank you for watching the video! 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