chainlink price suppression chainlink's link token chainlink price predictiom CHAINLINK - LINK TOKEN TECHNICAL ANALYSIS AND PRICE PREDICTION
hey whats going on Welcome Back to the channel in this video were gonna be taking a look at chain link I do want to say that Im not a financial advisor you should do your own research before investing money into crypto and if you havent seen the previous update make sure to watch that before watching this one its going to be linked in the top right hand corner of the screen now lets get straight into the TA so taking a look at the Fibonacci retracement that I have set up we have the swing High set up from May 2021 and the swing low in December of 2020 so we have our 1.618 Target all the way down at two dollars and fifty cents now I dont know if that is going to be met um before the bear Market is over it is possible only if Bitcoin starts dropping below I would say 12 11 maybe even below ten thousand dollars because from where we are right now thats more than 50 percent of a pullback right thats uh 58 so thats quite a hefty pullback and for that to happen Bitcoin would need to drop down significantly now we do have the 1.414 Fibonacci retracement level over here uh at 3.68 and from where we are right now that would be a 37.7 pullback and that seems quite possible what I also think is possible is for us to come back down and re-test the resistance or the previous resistance of the channel down pattern that we were in which is over here and we started breaking out in August and ever since then we were in the channel up pattern and then we broke down and potentially we could expect a back test of that and maybe we even go as low as the 1.414 so you have a couple of support levels as well uh above that so you have the 1.272 at four dollars and 82 cents and you have the yellow trend line here which is the eye that we printed all the way back in March of 2020. so you could potentially just draw a rectangular pattern from that high to the 1.272 and thats going to be your support block but uh well just leave it as a trend line so if you go down this low this is an amazing buying opportunity for chain link and in my own humble opinion anything below eight dollars is a fire sale for chain link because I think when the next bull market arrives chain link is going triple digits okay so depending on where the low is we need to see the low printed and once we start breaking above our August high of 2022 right which was somewhere in here right once we start breaking above these highs well we have the the same high in November so once we start coming up above that and Bitcoin does the exact same its going to be quite obvious that we printed our low at that point and when that happens we can lay our Fibonacci retracement from that low lets say its going to be five dollars exactly to the swing high that we printed in November of 2000 and were actually thats May of 2021 and there you go you have your your extension levels your target so you have the 1.272 at 104 you have your 147 dollar price at the 1.414 Fibonacci and you have 241 dollars at the 1.618 which is going to be our technical Target so like I said were going to be able to Target these levels after we break the May 2021 high and were going to be able to set the Fibonacci retracement only after we print our bear Market bottom but for now chain link has really been in this sideways movement in this crab market not really seeing any strong Corrections and because some old coins are way below their May and June low and as you can see the June loafer chain link as it is 5.35 cents and we havent gone even that low so I would say anything around five dollars is going to be a good area to dollar cost average into chain link taking a look at the daily RSI as you can see we lost the wide support trend line and we even went below the pink trend line that I gave you in the last video which is uh obvious because we had a quite the pullback and old coins are getting sold off pretty aggressively and the Bitcoins um bitcoins dominance is growing from what I remember if I if I remember correctly but right now obviously the Bitcoin dominance is going to be growing and uh I was expecting a bounce off of the pink trend line because thats where we bounced off from in um in November last month but I I was wrong obviously and I didnt say that that was necessarily going to happen I just said that once we are down here thats going to be a good buying opportunity now the level below us is pretty important as well the yellow trend line at the index of 32 because we had a bounce from there in September or actually that was August right at the end of August and we had a bounce off that yellow trend line in May so since May we havent been lower than that yellow trend line which is a good indicator and a good level to eyeball because once we are at this yellow level there is a high probability of us having a very strong bounce just like we did over here and just like we did over here you can see that each Time We Touch the yellow trend line we had a bounce to the upside so potentially were gonna have the same balance once we reach that yellow trend line maybe in the next month or so but at some point uh crypto is going to be the crypto markets are going to be reversing back to the upside and were going to be seeing some fruitful gains but we need to have patience until then we need to be dog cost averaging until that happens so lets switch over to the binance website and before we continue I quickly want to ask you do you value your privacy if the answer is yes then you must take a look at expressvpn expressvpn offers you the Privacy that you deserve no activity logs and no connection logs your internet provider wont be able to access anything and anyone using the same open free Wi-Fi in the cafe as you wont be able to do any harm or breach your security you can use the expressvpn application on any device you can connect it to your PlayStation or you can even connect it to your router so that anyone who connects is automatically secured or if youre looking to access any region blocked content on your streaming platform while expressvpn can do that as well if youre living in the Netherlands and you want to access a TV show thats only available in Japan well my friend you can do that with expressvpn you can use the link down below in the description and get a discounted price along with three extra months for free you can get your money back if you dont like it but I dont see any reason why you wouldnt like it because we all need the privacy and in todays age especially and you can also pay with Bitcoin so thats a really cool feature as well and lets get on with the video taking a look at the weekly chart for binance now we have our support block which is anywhere from six dollars twenty two and a half cents down to five dollars thirty four and a half cents and were back in that support block uh we have been there last time in November then we had a nice breakout into the 20 weekly EMA from there were seeing this rejection off the 20 obviously coming back down into the support block maybe were going to be back testing the blue trend line as support because we have been rejected from that multiple times as you can see multiple times rejection there then we finally broke above we had a little fake Out Below and then we broke above again and now hopefully we can stay above the blue trend line and keep back testing it as support maybe we go back down to the yellow trend line which is exactly what what we had it as in the last chart with these highs that we printed back in 2019 and 2020 and uh yeah thats what I would would hope its gonna happen for chain link because if were going to go back below the blue trend line that means the blue trend line is a resistance level once again and were going to be getting rejected uh back down so hopefully um hopefully this bear Market bottom is going to be coming sometime in the next couple of months before March before April I would say and then we can start our fake out run into August and then uh from there we can start recovering into the bull market because I do think theres going to be a little fake out a little bull trap in August where were gonna have this you know run up maybe bitcoins gonna get to thirty thousand dollars and were gonna see a correction afterwards just like we usually do in August now moving to the weekly RSI as you can see we have our falling wedge pattern playing out nicely and uh the green trend line here is something to keep an eye on because that has been a very strong resist a very strong support level since August of 2022 the next back test of support was in November and now potentially were going to be looking at another back test now I want to also add a resistance block so were going to have this High here and were going to have those two highs there because that is a pretty strong a resistance point for us every time we reach that we got rejected back down and um okay so thats something to keep in mind because as you can see in March of 2022 we ran into that in October 2022 we ran into that level and in November we did the same thing so were getting suppressed down by this area and once we break through it thats going to be a very nice very nice indicator thats going to tell us you know perhaps perhaps we have bottomed and were going to be moving into the bull market relatively soon you also have this support trend line at 36.34 on the RSI thats the load that we printed on August 22nd so potentially if we lose the green trend line here were going to be looking at a back test of that level which is going to be a great entry point but overall good buying opportunity right now if you want a dollar cost average a bit into chain link no ones going to stop you and I would encourage that even but obviously Im not a financial advisor the stochastic is on its way back down into the oversold weve just started recovering here to the upside and now were coming back down so while were doing this its its just smart to dollar cost average really theres not a lot to talk about but you have your support levels you have a couple of resistance levels above if I missed out anything important on the charts please let me know Down Below in the comment section feel free to follow me on Twitter feel free to join my patreon and Im gonna see you in the next one goodbye and good night Thank you for watching the video! 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