chainlink technicalsChainlink Technical Analysis 2/19/23

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hello today is February 19th and in this video were going to be taking a look at the chain link chart on The Daily weekly time frames in addition to the normal market analysis we do on the channel um and so getting into the price action we can see that some daily consolidation seems to be underway uh looking throughout the space we could see that in addition to chain link Bitcoin going through some daily consolidation here ethereum as well uh uniswap just starting daily consolidation GTC pulling back Matic a little bit of some deeper consolidation and Ave as well but so far the daily short-term EMA setups arent being you know um one might say threatened just yet uh but were going to see how deep consolidation goes one other thing weve been watching recently is Bitcoin on the four hour time frame where this pullback is uh perhaps still finding a four hour higher low Bulls are going to want to come in here now and buy the dip as were testing below 4 Hour 26 EMA theyre going to keep the bullish posture in the four hour uh four hour short term EMA setup and keep the trend strong to set in that four hour higher low and were following through from the Bears here you know well see if maybe we get a double bottom situation hold support at the resistance line of the four hour consolidation Zone we had been watching for a while but if we dont double bottom you know and we start breaking back into this four hour consolidation Zone all right we gotta now be a bit concerned as the breakout uh that initially had quite a bit of momentum just unfortunately will look as though its its its uh kind of petering out very quickly and so uh we gotta see how how things shape up here on the four hour Im still gonna be watching this pretty closely but okay moving on to the leverage side of things where we can see that uh were starting to see a little bit more long liquidations than shorts last three days that has been the case nothing too significant overall bit more I would say a tug of war but now here today 29 million in Long liquidations you know 1 million in short liquidations uh so um and certainly prices kind of pulling back a bit here so we gotta just be cautious um looking at funding rates this is Bitcoin we can see that we are currently below neutral heading towards negative territory which is good that tells us leverage Traders are getting short um here for ethereum actually growing above neutral so uh you know despite the pullback a little bit too much bullishness uh for ether and lets be careful as that does set up for the potential of a long squeeze in this context uh where price is already beginning to go down okay looking at Matic above neutral not great to see that um above neutral through multiple exchanges for chain link and lets see real quick uniswap where you at uh your swap is negative okay um lets see Ave obvious balloon neutral so um yeah well well see how things play out some mixed signals here in the funding rates to be quite honest on the clear consensus but uh with price action pulling back were going to keep an eye on what the liquidations data in is telling us you know um um so maybe we wait for a bit more of a clear consensus you know whether that means below or above neutral funding rates more clearly throughout the space and then we watch um if funding rates are above neutral do bears show up to give us the long squeeze and in the liquidations data and the funding rates go negative or blow neutral throughout the space do the bull show up to give us the short squeeze um well be keeping an eye on that to kind of give us some sign of what uh the the kind of larger institutional players or whales are telling us uh we did see some warning signs during the previous pullback so real quick um this pullback down here below the forward consolidation Zone you know there there was a period where funding rates were staying above neutral and uh despite despite the deep pullback and um it was also the case that we were seeing long liquidation surpassing short liquidations and that did kind of uh you know kind of slow down a bit but uh we just want to be cautious of of um of that maybe playing out here again um but right now pullback isnt looking too harsh uh but of course we want to be looking for any potential warning signs um and then yeah going back like a lot of these altcoins are actually looking quite healthy but uh but yes um you know uh tomorrow were gonna see the Stock Market opening up and we should get quite a bit of information there as to how the trends may go um if we look at the dollar Index we got a bit of a trend reversal candle on Friday so impressive upper Wick closing at the low of the day and um so far no bearish follow through in the dollars so are we going to keep the bullish posture here in the short term you may set up are we going to break out towards this kind of middle range of the descending Channel um will we continue to find resistance there or do we like break into the upper half of this descending channel uh further the more strength we started seeing in the dollar the more and more uh likely we are to finally see that translate into a downtrend for crypto assets uh and you know obviously what we would love to see is a bullish crossover in the daily short term you may set up that lacks follow through before another bearish crossover and maybe we kind of chop sideways for a while um but we will carefully watch how that goes 10-year yield hasnt opened yet so nothing to really say there S P 500 so far um you know not seeing the Bulls showing up just yet and well see if we hold support the 26 EMA um before bulls do get back in control things and buy the dip or do Bears come in break down and start looking like we might get a bearish crossover in the daily were also gonna be watching the weekly time frame where we just confirmed the bullish crossover weve got weve gotten somewhat healthy consolidation but now its time for the Bulls to try and break out here get above this resistance level um that had been previous support for a while and we want to see the progression of the bullish posture in the weekly short-term eBay setup any breakdown here from the Bears and again volatility in the short term Uma is going to be quite a bit concerning and in terms of the monthly time frame weve been watching for a while here on the channel this monthly short-term email setup in the S P 500 where we still are looking for the potential of the Bears to break down confirm a bears crossover and potentially see significant follow-through as was seen back in 2008 and uh after bubble in 2000 which just doesnt show up in this data uh but okay lets go ahead and move on from that in terms of fear and greed index where we at with that uh we are still in grief for the S P 500 but you know last time this updated was February 17th so were gonna have to wait for the stock market to open um are we going to be able to stay in greed and extreme Greed for sustained periods of time or are we about to kind of you know see the um the breakdown back into fear and extreme fear in which well be watching the same do we stay in there for a sustained period of time and essentially do rallies into greed and extreme greed gets sold off um do dips interfere and extreme fear get bought up um Etc so in terms of crypto uh currently lets refresh that we are at okay still in greed at 58 and um yeah weve been in Greed for a while weve come back down to neutral but we havent exactly gone back into fear I believe so that is good um we are and and we want to continue seeing that dynamic because if were in a bull market uh we want to see kind of some front running Behavior Bulls buying any dips into neutral and maybe even keeping us out of fear but well see how things go there uh getting into the technicals now for chain link um well we already talked about the daily short term eBay setups um looking lets look at the weekly time frame real quick uh weekly were breaking above the 26 CMA but we still need another like higher to confirm a bullish crossover lets see if we can head towards 965 the resistance of this range weve been in um in terms of the daily macd daily macd uh starting to potentially get some bearish Divergence here because were forming this larger green bar were not forming a higher High I mean theres 22 hours left in the daily candle but weve been seeing significant upper Wicks forming it may be time to see a bit of a local top here and a bit of a pullback and uh um yeah well just have to see how serious beers get there now looking at the triple EMA weve gotten the 50 week above the 100 week now clearly were looking for you know a couple more legs higher to try and get the 50 week towards the 200 week and above it and its going to take significant follow-through from the Bulls to eventually try and you know complete the transition to bullish posture in the week in the daily triple EMA now uh well also be watching for the potential setting in some kind of a local top and rejecting from the triple EMA before being able to get the green line above the red line essentially now we are seeing bearish Divergence in the daily RSI as well for chain link its not as hard as some of these other crypto assets like Bitcoin and ethereum that got really extremely overbought in their rsis here for chain link we set a high of 70.17 so now were forming a higher highs again price action we just want to get we want to see Bulls kind of break that bearish Divergence because if they can do so without Bears showing up to successfully shift the trend in their favor but then becomes quite a bit of a bullish signal for the longer term trend stochastic RSI giving us nice reconvergence here so how is the next 22 hours going to play out are bears going to see more significantly more follow-through our Bulls going to buy the dip and have a this initially red candle maybe flip green Ill have to see but um should the Bears kind of win out here and close todays daily uh this daily candle uh with any follow-through we should expect to see the bearish crossover and then um and then well have to to watch and and see how that plays out because right now were in the overbought territory so the Bulls really want to keep momentum going if theres going to be a lot of front running behavior and Traders are seeing dips being our trainers are seeing dips as as aggressive buying opportunities then you know we should see any kind of follow through from the Bears bring down the stochastic or side toys 80 and then Bulls buying the dip in it and again in aggressive fashion that kind of keeps the stochastic RSI above 80 in this overbought territory and then that would give us kind of volatility a bearish crossover the likes followed through before now the bullish crossover but essentially thatll show that you know theres still uh quite some uh bullish momentum okay moving on to the uh moving average setup first still need to see another leg or two higher to get the 50 some 50 day above the 200-day simple moving average see the Bulls give us that here um and yeah moving on to the Bollinger Bands we are kind of still were tugging away from the upper standard deviation band but not too much things look pretty healthy here and uh yeah not much else to say about that I mean pretty clearly still looking pretty good we could see even more of a pullback before trying to find a daily higher low above the 20-day simple moving average and now looking at the weekly time frame so here weve been patiently waiting whenever were going to see the clear expansion in the Bulge bands and will that come from the Bulls or bears uh still patiently watching um we closed this last weeks candle and now here we are on our TD sequential 7. uh lets see if we can get more of that follows through see the expansion bulge bands and try to get you know a significant amount of momentum into a potential T sequential nine that closes out strong uh without you know any really concerning local top signals um which is another thing that we have to watch out for in the crypto space with chain link uh ethereum and well excuse me not ethereum but Bitcoin is on its weekly to sequential eight so we actually have to watch out for this weekend next week because we just know that um we could see some potential topping signals in the candles around these late TD sequential counts um but okay moving on the macd nuclear bearish Divergence in the greenway bars blue and white blue and orange bar lines are certainly giving us bearish Divergence um in terms of weekly RSI we are also seeing bearish Divergence there so a little bit concerning see if bears show up in any kind of meaningful wave here for the weekly time frame um and yeah I mean the weekly triple EMA here we are seeing the 50 weeks still below the 200 weeks so both need to break out towards these levels try to kind of keep them going sideways and then even see more follow through towards like Fourteen and a half dollars fifteen dollars to eventually try and get the the green line back above the red line and well see if they give us that or if we continue bouncing around through this range between five dollars and thirty cents and 9.65 cents um stochastic RSI confirmed a bear uh bullish crossover after last weeks price action um but after a 17 and a half percent gain for chain link are we going to be able to continue to get that next leg higher towards these resistance levels or will we see more significant solidation occur that uh throughout the broader Market that kind of brings these assets uh into a bit of a correction well see um moving on to the well just been watching this chart recently this is the the 50 and 200 simple moving average but instead of the daily time frame its the weekly time frame and um also using the I believe its the 12 EMA but instead of on the uh daily time frame its just the weekly time frame 12 VMA and Im just basically watching this because here for a Bitcoin we just confirmed its first death cross on the weekly time frame and were really tightening up between all of these moving averages on this longer term time frame so Im just kind of watching to see do we break below do we break above what that might be signaling to us same thing for ethereum tightening up here and then chain link you know we just tested the 50 week simple moving average but still need to see significant follow through towards the 200 weeks of the moving average um but if Bulls stay in control here and we see some uh you know another leg higher now ethereum is going to be sustaining above its 50 above its 200 weeks of the moving average um that next leg or two higher would bring it above its 50 week simple moving average it would Inc improve the probabilities that chain link sees a further break uh continuation towards its 200 week simple moving average which right now is you know not a not a its not completely a 100 uh percent return but um well lets see 55 percent so anyways with that being said that is going to be the end of this video hope you enjoyed it I hope you found the content informative if you did please consider giving the video a like subscribe to the Bitcoin farming Channel if you have not already but regardless of all that have a great rest of your day or evening and hope to see you in the next video Technical analysis of the daily and weekly chart for LINK.