EXPLAINED SHOULD YOU BUY!?! chainlink dumpingCHAINLINK DUMPING!!!

chainlink pancakeswap chainlink 10 chainlink dumping CHAINLINK DUMPING!!! EXPLAINED SHOULD YOU BUY!?!

right now chain link is seeing a pullback were currently down almost four percent in the past 24 hours we just started to see this dump take place chilling is trading around 7.58 actually seeing more of a dump than any of the top cryptos right now some of you guys out there are probably really worried about this price action right now but were going to discuss why this price action is actually fantastic and very constructive for the channeling trend for the long term whats up guys welcome back to the channel my name is kevin stevenson and today were going to be talking about the price of chain link right now looking at the crypto watch asset card list and whats interesting to see is that all the top coins are seeing a little bit of upside today but if you look to the right we can see that chain link is now down over four percent this really is not a surprise if you consider that chain link just broke into a new all-time high saw upwards of over 60 percent to the upside and now were seeing a little bit of a pullback this is all very normal price action and before we get started guys make sure you smash up that like button helps out the channel a lot if you can hit that like button now lets take a look at the chain link chart im looking at chain link on the daily right now this red box that you see is the all-time high area for chain link and obviously we have seen a break of the all-time high for chain link and weve seen a really nice trend form here if we break it down to the four hour chart what we can see is that chain link did break the upward sloping trend line so if we just mark up our upward sloping trend line chainlink did see a break of this and were starting to see a little bit of a pullback right now a lot of people are probably looking at the lower time frames really worried wondering whats going on if you guys remember in my last video what i said was im bullish on chain link but always expect that the market could see some downside that way youre mentally prepared for it and you might have some cash put aside to buy this dip from these current prices chainli could see another five and a half percent to the downside potentially as much as you know thirteen percent to the downside now one thing that a lot of people tend to forget is that pullbacks create constructive price action a lot of noobs that are looking at this pullback right now are probably super worried and they think that you know chain link should have just kept going straight up because if youre a crypto veteran out there if youre just a veteran when it comes to trading and investing in general and you have a lot of experience behind you you veterans out there know that pullbacks are what create constructive price action and what do i mean by constructive price action well were going to get into that in just a second what i want to do is i want to take a look at the bitcoin chart but actually go back in time here to the beginning of 2015 to 2016. what happened here for bitcoin was we were you know on an upward sloping trend you know just steady upward sloping trenching steady higher lows and then we broke the all-time high here and things became very parabolic right so the trend began shifting to a parabolic trend and we saw an exponential rise for the price of bitcoin but what youll notice here if you look at what took place for bitcoin was during these major uptrends you saw these very steady up trends be created and then what you got was a breakdown of that trend and the creation of a larger scale parabolic formation same thing happened during the next major run-up we had a very steady upward sloping trend then what happened was we got a breakdown and we continued up same thing happened right here we get a breakdown and we continue up until we hit the all-time high for bitcoin so these pullbacks for bitcoin are whats known as constructive price action yes we did break the short-term trend but we ended up just creating a larger scale parabolic formation which took us from you know the all-time high all the way to twenty thousand so if we take a look at chain link and we go back to the daily chart we can make a similar comparison right now because theres a lot of demand for chain link theres a lot of people interested in buying chain link so if you just consider that yes we were on a steady upward sloping trend now were breaking this upward sloping trend line but very likely whats going to happen is were going to create a larger scale parabolic formation and this is how long term trends are formed you get these you know fake outs you could call them i guess where the trend breaks down in the short term but ultimately you create a larger scale parabolic formation and you continue up maybe you see another breakdown in the creation of a larger scale parabolic formation later on as well and you continue up right and this is how parabolas are formed in the long term so what im saying here is do not be surprised to see this type of price action its really healthy for chain link to see these kind of pullbacks pulling back to the 382 fib retrace or the 50 retrace you know all the way down here at six dollars and sixty cents as the low end of the pullback is really not a surprise chain link is most likely gonna find support you know somewhere in this range and create a larger scale parabolic formation so in my opinion im not giving financial advice but if you want to accumulate more chain link if you want to get into chain link for the long term right now its a great area to be targeting you want to be looking at the current levels or potentially seven dollars 10 cents or maybe even as low as 6.60 to get your entries maybe just start accumulating slowly right now and i think ultimately were going to be creating a larger scale parabolic formation and if youre looking at the volume theres not that much selling taking place right now and that really tells me that very likely what were going to see is the creation of a larger scale parabolic trend right because even when bitcoin had these dips back in 2017 the selling wasnt all too strong and we ended up continuing up for a larger scale trend so my point here is that do not be alarmed by this price action in fact its good its constructive for the long term and were gonna find a lot of support most likely for chain link during this dip im pretty confident about that but anyway guys thats gonna be it for me today if you guys like this video if you found it helpful hit the like button subscribe to the channel also sign up for patreon if you want to check out some of the all coins that im accumulating and last but not least guys sign up for the crypto watch platform you can chart and trade for free on crypto watch now click that link below sign up and watch that tutorial thats popping up on the screen right now and i will see you all in the next video Like/Comment/Subscribe ✘ Sign Up For Cryptowatch!Affiliate Link: . ✘ Become a Patron for Extra Content! 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