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

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hello and welcome to another video about shane link so the chain link scenario for now remains unchanged um for now yeah so the view has been here that we have made a w x y pattern um that way four by the way needs to be here that with the wave y we actually completed here the wave 4 absolutely possible absolutely likely and that then when we moved below this 50-day moving average again yeah we try to break through here failed that this was then already the beginning of an impulsive move to the downside basically wave four finished here um that wave y came across as a triangle completed and now we had an impulsive move down that would be my primary expectation where however we would need to break below that um six dollar level thats the 88.7 percent flip level so very important support you can see how we were dancing on this support level now for the last few days um and then to get real confirmation that we are breaking down here from the triangle because this is not yet 100 confirmed yeah we have a good indication because we moved below the wave d low here at 6 42 and to be honest you can see now how this 642 level that provided support before is now providing resistance so if i add that to the chart um you can see this here maybe not that well let me just change that into white yeah you can see it now support here has been resistance here has been resistance here and if we fail now again to get above this that could be it and that could move us further down below the six dollar level and then also and that would then be the final confirmation break below the wave b low of this triangle at 5.30 and then we are making a lower low anyway and then we are very very sure that we are in this move down unfortunately theres really only one swing low left um to take out which means we cant really get any further confirmation before we make another lower low so we really have to take that low out at to get real confirmation that the triangle broke out as expected to the downside this is the primary expectation is there a bullish wave count yeah we could make it work bullish purely because weve made a higher low here but again to show you a bullish wave count um i wouldnt do it until we break above that 969 level yeah maybe already at 750 we can look at it but real confirmation i think that we get into something more bullish would only be obtained above 669. the problem is here that you only above this swing high will really invalidate this triangle so this triangle count would confirm or would assume that we go down from here so if we invalidate the triangle to the upside it must clearly be something else um until we break above six 969 it really can be a sort of still a variant of a triangle yeah it is for me then still too corrective so this is what it is because the price action since the low has been very corrective it has not really been very bullish um i need to take that one two out by the way that would be the bullish count but yeah let me take that out because it is just not very likely until we see price action above these levels um and also we cant really nicely count an impulse here i would have my problems with that so for now focus here would remain on the downside um as pretty much for all cryptos primary expectation that i follow is still further downside even though there are some cryptos that show potential to the upside yeah where we can look in more detail into a bullish wave count where it is more likely but still primary expectation until we take certain structural levels out to the upside the focus needs to be remaining on the downside we have to allow for both options at the moment yeah i need to keep an open mind at the moment this wasnt always the case until we reached the target area here um the focus was pretty much only on the downside now this has changed with a chain link reaching target here yeah this was the larger target area that weve had on the radar since november december here between the 88.7 and the 78.6 fifth level takes a moment to load but that was between six dollars and i believe it was 11.30 up here so as soon as it has loaded yeah we can take a look at that so this was the area here yeah 11 30 and six dollars that was the area and there was pretty much only a bearish scenario um until we finally reached it and now we have a bullish and a bearish one so we need to be um we need to be aware that at any point in time we this overall correction could be over maybe its over already but this is exactly the uncertainty that we are currently in and we just need the market to make a decision and then we can take it from there yeah at the moment however primarily i would still expect lower lows especially especially as we are officially still in a downtrend yeah we are sort of not taking out any key levels here and you can even draw a trend line here and if we zoom in you can see we are still below that trend line as well so connecting basically the peaks to each other let me make that a bit more accurate here a bit closer that we can see if we already here at the potential breakout point but this is a very clear channel in which we are i mean you can see this as a huge descending wedge yeah this is how you could see it possible a huge bullish breakout pattern which doesnt mean however we need to break out here we could move one more lower and then break out to the upside so i have that huge reversal pattern on the radar um but overall yeah as long as we are still below this trend line and you know we might try to attempt a breakout here but again until we get at least above 750 i wouldnt be confident that this breakout is real because even above 750 i mean above 750 you have already then also broken above the 50-day moving average that is currently at seven dollars so again it all depends now on price confirmation and this is what we need uh it would be great to reverse here dont get me wrong this is the 88.7 fib level would be good for that coin to stay above that level and reverse to the upside from here so thats pretty much what i can tell you about chain link at the moment hopefully you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then check out the channel membership thanks a lot for watching bye you Chainlink LINK Price News Today - Technical Analysis Update! 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