Technical Analysis Update and Price Now! chainlink forecast 2021Chainlink LINK Price News Today - Price Forecast!

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foreign the primary scenario is currently working out the bearish one it was even too weak yeah it was even too weak to reach the yellow resistance area here for a wave 2. so um that sometimes happens if well if there is a lot of weakness in the charts obviously a wave 2 is only a corrective move to the upside its not impulsive so its going against the higher level Trend which means those movements that are against the higher level Trend are usually obviously weaker than impulsive wave patterns and yeah as I suggested in the previous videos this was only a three wave move up so I assumed it would be an a wave because the ideal Wave 2 retracement area hasnt been reached but I have to assume now that this was already the wave 2. it was a weak one but if you watched my videos about um Ada for example about about ethereum and you will see that this Wave 2 we had a similar one on bitcoin but it was very very shallow okay so yeah we are coming down strongly here selloff of Bitcoin and ethereum fueling the sell-off here on the avex uh the a the link the link the link chart as well and I am assuming now we are in the third wave down we broke below the wave one low at 6 47 so yeah basically no change to the wavecon possible with the exception that the Wave 2 has probably already finished and were heading down even faster than um than anticipated now in the previous videos I also showed you a bullish scenario because it could very well be so yeah no it could very well be that um we moved up in this move that started on the 22nd of November all the way up here to 7.80 early December that this was already a wave one highlighted here in yellow yeah that this was a wave one in my primary count this is a c wave part of an ABC correction but in the alternative count this is a five wave move well a c-wave is a five wave move as well but that just makes two scenarios possible either an ABC in a corrective move which is going to lead to another sell-off which is my primary expectation or the bear Market low has been or was in here at 5.50 this was a wave one to the upside and were currently coming down in a wave two this was to a degree at least likely when we hit my support area here and started to turn around so this could have been already the beginning of the third wave however with the latest drop this was invalidated not a problem the bullish count is the alternative only anyway so Im not really too confident in this I gave you in the previous videos two two levels that I want to see broken to make the bullish count more likely none of them was even reached closely so not a problem at all however is the bullish count still possible yes but its just become even less likely its still possible though because were still in the yellow support area its only if we drop below this yellow support area that the bullish count probably can be scrapped bear in mind this yellow support area is based on Fibonacci support so its based on the 50 FIP level here around 6.30 and the 78.6 fit level is roughly six dollars only a drop below six dollars would make the bullish count much much less likely well with nearly invalidated yeah um it could still be that we are in the bullish count um I need to point out that possibility but I would reduce probabilities now to around 30 we had 35 in the previous video but with that latest drop um its become even less likely how would that work I mean this is clearly a five wave move down and um in the in the bullish count I would consider this an a wave this year very weak B wave and we would then move down in C and I dont even know if the yellow support area will be enough for that because the c-wave would be very very very very short actually way too short so the c-wave has nearly no space anymore um I mean the very first Target for a c-wave is the 61.8 percent extension that was reached just now so we could theoretically turn around and move up now do I believe it not really the next Target would be the one-to-one ratio that would take us down to 571 below the yellow support area and just by doing that it makes the bullish scenario far less likely its still possible though and I wont take it off the chart until we um have real invalidation here but please understand this is getting less likely but in the primary count we are obviously in the last wave down here but this last wave down could send us down into the three to four dollar range my assumption is that of this well off the high here on the 8th of November we came down in a wave one we moved up in a wave two we hit here the short trade area the resistance area we come now here in the wave three that yellow area can be broken this was only the yellow spot area for the alternative bullish count it would be my primary expectation in this case to actually break it so the way three down is currently unfolding then there would be a four up and a five down and in the way three weve probably got the wave one done the wave two we are now in the three of three there would be a four and a five this is how it would ideally play out in the bearish scenario so yeah no change really no reason to panic everything going according to plan the Wave 2 was even weaker than anticipated so it rather puts more emphasis on my primary expectation okay and 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 Chainlink LINK Price News Today - Technical Analysis Update! 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