Technical Analysis Update and Price Now! chainlink cryptocurrency wikipediaChainlink LINK Price News Today - Price Forecast!

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foreign to another update video about a link train link and continues to be in this quite complex Wave 2 correction yeah I mean we moved up in wave one that was back in May 21 thats where we peaked around 54 dollars we then came down here in this wave too and we probably still are in this wave too to be honest so my view is that we are coming down in this wxy pattern which is a more complex corrective wave pattern w x y and in the Y wave weve got theres a couple of ways how this can be counted and and you know but the idea is that we had a wave a we had a wave B were now in this C wave and the C wave is a five wave structure consisting of obviously waves one two three and this way four is a triangle and with another wave five down um I can also put the Wave A somewhere else here it doesnt make a great difference um it has a minor impact on targets thats it it doesnt really matter what happened here what is important is what happens here now um and therefore we go into the four hour chart and if we now go into the detail um I mean I talked Ive been talking about you know this sort of bearish setup for for weeks and weeks and weeks already back in September I think I talked about there is quite a bearish setup what link is producing here and in the end you know it was correct you know we sold it off from like 940 all the way down to around 550. of course we had a catalyst which was FTX but um my argument is it would have happened anyway thats my my uh my point would have happened anyway maybe not that fast but it all fits together because you know first of all a wave four is quite usually a triangle not always yeah but they can quite often be triangles and then we have this a b c d e structure and when you break out of a triangle like this one the elite wave triangle if you break out of it you would expect it to break to the opposite side of the wave e would be down and also usually you expect quite an impulsive sell-off and this is what happened um and most likely this was a wave one and we moved up in a wave two we hit here the retracement area now and it is quite reasonable to assume that we are now in this third wave down and there should be a fourth and a fifth thats sort of the idea bearish Target Ive got 290 to 350. maybe we dont get down that much but um at the moment I think its quite reasonable to assume that we come down Target for this third wave here is sort of between 420 and 480. yeah um and yeah when you know can we get some more confirmation that were going down well first of all we are going down already then we um have probably something like a one two setup here and this could be the third wave maybe the third wave of the third or the third wave of a first wave of this third wave hopefully that makes sense um so this is only really the first Subway structure of this third wave we will find that out but you have further you know further confirmation that we are heading down really in this third wave would be a break of this previous swing low that is at five six dollars and fifty three and then of course if we take out here the 552 level would be further confirmation and as long as we stay below this swing high at 7 59 my assumption will be that were now coming down in this third wave to the downside and um looking at the indicators I mean on the four hour chart you can see we already oversold so as you hopefully know nothing is going to move in a straight line this was already a sell-off from 760 to 670 so quite a lot in the last few um hours really and in days so yeah the four hour chart needs some kind of a recovery now um but if you take a look here on the daily chart you can actually see we are really only quite neutral on the RSI so there is much more possibility for further downside it still supports further downside and we dont need to be afraid that we get quite you know oversold quite quickly um here as well on the four day chart still supports further downside as well um yeah and I mean on the four day chart you can see that we already we tried to push here with a bullish crossover but were still below the zero line and it seems to be that we might be rolling over here now so it could very well come down again its a bit too early to confirm that on the two-day chart were already a little bit more advanced it basically prevented a bullish cross here across of the zero line so well see where that takes us if this continues it will probably cross bearish as well on the two day we seem to be getting a bearish cross on the RSI as well so all of that continues and confirms my view that we are heading further down here as well I think this Candlestick pattern is called the three black crows um three red candlesticks in a row quite bearish signal um but yeah you know all of this adds to that view that we are in fact um yeah heading further down here um but again as long as we stay below 760 should we break that level we probably are going to extend a little bit higher here in this wave too it would not be bullish but it would most likely lead to a little bit more upside in this wave too and then we get a little bit of a delay in this Wave 3 sell-off yeah thats my update about 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 then please check out the channel membership thanks a lot for watching bye thank you Chainlink LINK Price News Today - Technical Analysis Update! Cryptocurrency! In this video I talk about a technical analysis of the LINK Chainlink price and I talk about some important price moves that are happening right now! 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