disney chainlink exxon mobil r5nxue3yf5m grayscale chainlink trust ticker chainlink simple explanation CHAINLINK - LINK TOKEN TECHNICAL ANALYSIS AND PRICE PREDICTION
chainlink simple explanation chainlink wiki CHAINLINK - LINK TOKEN TECHNICAL ANALYSIS AND PRICE PREDICTION
hey whats going on Welcome Back to the channel in this video were going to 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 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 jump straight into the TA so taking a look at the daily chart we still have the same Fibonacci retracement with the extension levels to the downside if you dont know how to use the FIB retracement theres going to be a link Down Below in the description to a video where I explain how you can use the FIB retracement to set targets and find out where the next support and resistance levels are so for this FIB we have the swing high in May 2021 and the swing low in December of 2020. so we didnt even go down as low as the 1.272 which was your minimal Target at 4.82 cents however we did print the low at 5.47 all the way back in May of 2022. since then weve been in this flat here and right now it seems like were trying to do something but if we dont break above the November high this could simply be another lower high and then a move to the downside so Im not expecting a lot out of this move as and Im not really expecting this to take us into the bull market because the FED is already flipping bearish and theyre saying that potentially we might have another 50 to 75 basis point hikes in March or May as the battle against inflation continuous and it doesnt seem like the FED is winning so uh dont get discouraged by this obviously but dont turn into a Super Bowl uh in seconds and just expect everything to moon right uh we could still be seeing Corrections and pull back so be ready for that and uh always think about the potential Black Swan events we could have before strong moves to the upside as we did back in March of 2020 so were breaking back into this channel up pattern so potentially what we could do is we could see this move all the way up here and we could top out at 9.79 potentially coming back down and printing the low touching the support of the channel up pattern and then taking another leg up and potentially going all the way up to the 786 Fibonacci retracement level so that would be the bullish outcome here uh potentially you could be targeting seven dollars and two cents which is a major support level that we have or you could Target the 20 EMA and the 55 EMA what we could also do right now is we can slap another FIB retracement on the chart but this one with the targets to the upside so I think we have our targets there uh let me just do this and this there we go so our 1.618 Target is at 230 dollars are 1.414 Target is at 143 dollars so these are going to be your major targets in the next bull market the minimal Target is going to be at 1.272 so I would be more conservative and I would be targeting 150 dollars because you really dont want to be waiting until your specific Target is met in the bull market because what could happen is that you might be moving up up up up and you bet you dont even get to the 1.618 you just just before you get there you start correcting and then you see that strong sell-off and youre thinking well Im just going to buy more here and were probably gonna get there the next time and then you print a dead cat bounce and you continue down so you dont want to be caught in this scenario here and this is typically how the bull markets end thats what we saw the last time in November of 2021 so just potentially have a lot of cell limit orders throughout this area and if you have some tokens left and you see a pullback you might even take profits here because eventually its going to be coming back down lower just like we saw over here and this is what Im talking about we topped out in May you had to move to the upside well this is specifically for a chain link for chain link we printed a debt CAD bounce here and we we went down as you can see what we could do is we could throw a fib retracement here and as you can see we pretty much went till we got rejected from the golden ratio here and then we got pulled back down so essentially that was a debt CAD balance and we got sent back down here so yeah if you saw if you were taking profits throughout this area here then you saw the pullback you might have even taken some profits down here on the way down even if you bought some here you could have sold right but if you had some tokens left after this move here youre still able to take some profits because your Dar cost average area is all the way down here so it doesnt matter really where youre selling as long as its not as its not at a loss right because thats what import whats important here is that were making money and were not losing the money that were investing because thats the first rule you have to preserve the capital that you invested in order to make money so right now we can see chain link breaking into the channel up pattern and hopefully uh we can meet our 0.236 resistance level which is at 9.23 as you can see on three occasions here we got rejected actually Four occasions if you count that all the way back in May every single time you were sitting here you had to move to the downside every single time you touch that level you got rejected back down so potentially were going to be looking at a similar thing here where we come back up there and then we potentially see a 15 to 30 to 25 percent pullback down to seven dollars maybe thats a possibility so potentially you could swing trade here around nine dollars and thirty cents but if we start breaking higher I would be looking for support on the 0.236 but this is in a bullish case obviously so if youre holding long term I would suggest that you dont risk with any swing trades because if you risk it and you take profits lets say at nine dollars and afterwards chain link has some massive news coming out and we see something like this going all the way up to 17 and youre all the way down here with your cash and youve missed out on all of this potential growth so I would say after such a long consolidation period just wait until we see the major breakout and then you can adjust and see what kind of Trades you can enter so thats potentially what we could be looking at if we bring back the large FIB retracement here there we go and lets take a look at the daily RSI see whats going on here so were running into the 66.8 resistance once again as you can see every single time we ran into that level we saw a pullback I would be looking for entries off of the white trend line as you can see we had a nice entry here February 10th to February 13th 14th since then we saw a move to the upside so chain link is doing okay right now if you see a pullback on the RSI like I said you can Target either the white trend line then you have the pink trend line at 38.12 and then you have the yellow trend line at around 31.8 on the RSI so those are going to be your entries on the daily chart of course if youre down here in the oversold then thats obviously another great entry point now I do want to switch over to the binance weekly chart and before we continue guys I quickly want to talk about my patreon now if you want to get involved theres going to be a seven day free trial so you can go ahead and join and youre going to get access to all of my content since I started posting on patreon which was all the way back in October of 2021 so there are hundreds and hundreds of posts with low cap gems my exclusive podcasts that I do for patrons only my low cap gem reviews project highlights your technical analysis requests exclusive videos for patrons so theres a whole bunch of stuff there that I dont share on YouTube or Twitter as to add more value to it and I also share all of my buys all of my sells I share my portfolio in there so if thats something that youre interested in and you really want to support the channel then feel free to check it out thank you taking a look at the weekly chart as you can see were breaking out of this uh falling wedge you could say and uh well this is technically a falling wedge because were at a 45 degree angle and the and the trend lines are diagonal and towards the apex of the pattern so this is a falling wedge and were breaking out of this support block we entered once again here at the end of the year back in December of 2022 and like I said with this support block every single time you enter it you see a move to the upside so it would be very naive to think that oh its going to go lower so I I always I was telling you guys these are good buying prices here my average buying price for chain link is around 6.60 or 70 cents something like that so Im in profit already but Im not taking any profits yet and Im not swing trading my chain link yet uh because I do want to potentially hit the 55 EMA before I think about taking profits because were still not very overextended on the weekly here so the weekly RSI is looking fine for now gold so what Ive done with the stochastic is that I have applied the so 54 and 28 is what I have here for the stochastic just so that we dont have many false signals but this is better used on the daily chart so lets see whats going on here on the daily chart and lets compare that with the price action and see how well it calls the tops so for example I know the highs off top of my head so I can we dont really need to look at the price action so September 2021 we saw that nice Peak there but November 2021 we saw the nice Peak there and the stochastic was towards the upper area here then we saw another peak in January but that wasnt as high we saw another peak in April as you can see we once you move closer to the middle or above the middle thats when things are getting overheated uh last time in August we had this move to the upside and look at this move right now in February were getting very close to the overbought which is above the index of 80 above the stochastic of 80. so once we get there that is going to be in your overbought territory and you could be looking at uh at a move all the way up there Ive got the highlighter sorry uh you could be looking at something like that and thats where you want to be taking profits because as you can see every time you enter it into that zone you got sent back down immediately almost so yeah just be careful with that like I said if you dont know how to swing trade youre better off not doing it at all because that way you can just keep your assets with you in case anything happens in case you see if you know a strong breakout all of a sudden you still have your tokens with you so you dont have to worry about anything and the volume indicator that were getting here on the weekly lets see whats going on so were getting pretty good volume on the weekly chart especially last week was pretty good for chain link a lot of Institutions buying into this token obviously so things are looking good for a chain link people are not happy with this flat here personally Im very happy if we drop back down below six dollars I might even buy more tokens to be honest with you like Im that bullish on chain link but I do have another Oracle protocol that Im going to be buying into so thats going to be shared on patreon and thats pretty much everything that I wanted to talk about regarding chain link if I missed out anything important on the charts please let me know Down Below in the comment section thank you all for watching and have a great day goodbye Thank you for watching the video! 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