chainlink coin market cap chainlink eel eat how to mine chainlink on pc Chainlink Technical Analysis 12/20/21
hello today is december 20th in this video were going to be taking a look at the chain link chart on the daily and weekly time frames so looking at price action uh we are continuing to see consolidation play out we once again rejected from the 12 period ema and uh seeing some a bit seeing a bit of follow through from the bears after yesterdays price action now despite that were still seeing relatively growing momentum on the daily macd which is an interesting development um yes uh that is is quite interesting i i would expect to see a little bit of weighing momentum after these you know almost two days of consolidation but anyways were basically going to be watching to see if uh if we get continued follow through from the bears to start giving us winning momentum on the daily macd back into the red territory showing that this was just a relatively brief bit of a bull trap um where bulls who trade off this thing will get caught on the wrong side of the trade or you know are we going to perhaps find higher lows here on chain link before bulls start trying to really come up and maybe try you know maybe close above the 12 period ema and really get the macd going continuing growing momentum of larger green bars moving on from that lets go ahead and look at the triple ema setup we are seeing the progre uh the progression of the bearish crossover here on the triple ema and as ive been noting in the ta recently were just waiting to see if we are going to get that next leg down from the bears to start really widening the gap between our exponential moving averages here or are we going to see bulls try to start get back and control price action kind of flatten out this triple ema setup and basically you know the question is is this triple ema bearish crossover going to be a short relatively uh relatively short lived uh bearish trend before bulls try to really just give us a nice short squeeze and give us a bullish crossover or are we going to get that next leg down in the crypto asset space that really does have this triple ema continued much longer going into 2022 looking at the rsi um let us see here not much clear signal to gather other than the fact that on the on the 18th we did close out with a higher rsi rating compared to the eighth without a higher high in price this is bearish divergence and clearly seeing the bears kind of uh go off that a bit looking at the 19th we create a higher high in price without a higher rsi reading but we also create a lower rsi rating without a lower low in price such as a bit of tug war not clear signal to extract but you know well see how all this plays out and when we get some clear divergences going um looking at the stochastic rsi were having a bit of reconvergence going on here so lets see if the bears give us enough follow-through to give us another bearish crossover for that next leg down moving on from that looking at the moving average setup first were watching to see do we get that next leg down in the current asset space to really pull off the bearish cross over here the death cross one might say of the 50 day below the two inch day or are the bulls going to try to give us some kind of a large move to the upside to try and flatten out these moving averages before some kind of an attempt to resume the uptrend looking at uniswap you know there is quite a bit of bearishness here you know in terms of our lower market cap crypto assets so you know definitely you know if you put a gun to my head and you made me choose between whether were going to see a next leg down or bulls giving us a nice pop to the upside to try and save this uh uh this one might say quote unquote bullish set up here with the 50 day over the 200 day you know im gonna go ahead and say were probably gonna you know we might see that next lake down with the fear in the uh stock market um in the us and other developed nations around the world um as well as the strength in the dollar index and just fears regarding the coronavirus omicron variant and and and and also the potential tightening of monetary policy so a lot to be fearful um in terms of uh additional fundamentals now that being said 2022 also has a lot of bullish fundamental developments going on in the ethereum ecosystem regarding the transition to proof-of-stake uh as well as the um you know implementation of zk roll-ups and the further adoption of these layer two protocols so i mean well see how next year plays out but uh uh in terms of of this month and even going into next month certainly a lot to be cautious of now moving on to the bollinger bands bollinger bands still consolidating a bit here uh we did come up almost test test near the 20-day moving average but got a clear rejection here lets see if the bulls can at least prevent the bears from giving us another leg down and continue the contraction were seeing in the lower standard deviation band or or you know or are the bears going to give us that next leg down test the lower standard deviation band once more and start giving us down ticks in both of our bollinger bands uh again um i will say though the the uptick in the lower standard deviation band though is you know is an interesting development and is some kind of a prerequisite uh preliminary sign that we could see um consolidation continue to really tighten up price action and perhaps um just perhaps create something of a bottoming formation i mean lets see here i dont normally uh put a lot of weight on wedges but i will say you know if we were to form something of a i dont know uh uh no not like that trying to kind of lay out how how price action is really tightening up here i guess something like that where were really kind of getting this wedge going and although the bulls have been um continuing to find resistance here at this uh you know at this this uh you know this trend line here um i mean were getting pretty close to the to the apex and you know well then be watching to see if maybe the bulls give us some kind of a breakout to the upside um or or uh or maybe soon over the next couple days we get that next leg down but anyways um i try not to put too much weight on on symmetrical triangles and such like that although you know just relatively speaking we are seeing a tightening up of price range lower uh highs but also somewhat higher lows relatively speaking so lets see how all that plays out now moving on to the weekly chart weekly chart continue to find support above the lower standard deviation band however we are getting expansion we kind of closed out the week you know right at the lower standard deviation band and now seeing a bit of expansion in our bollinger bands so we really got to be cautious here uh were on our t sequential six so as we get into the later stages we will be watching for some kind of a bottoming formation candle to give a signal as to the end of this um you know downtrend weve been seeing but growing momentum from the bears with larger red bars forming on the weekly macd and now we have to be cautious you know is this going to play out similar to uniswap or uniswap we really start you know weve really just been getting nasty bearishness and the in the in the weekly bollinger bands here uh closing out the week below the boulder bands multiple weeks now getting real expansion in our bollinger bands and even threatening to start getting down ticks in the upper sandy asia band which would just be really really bad um but anyways um you know others are going to say that you know the more nasty the more bearish that the weekly charts look on these lower market cap tokens perhaps you know the closer were getting to that potential bottom information before really seeing a large pop-up in price but you know it just its just that you know the lower we go on the smaller market cap tokens the larger the bounce has to be to get us back to lets say even the 20-week moving average so you know its just we really want to see we really want to see price kind of bottoming out soon and then bulls trying to regain control over price action for perhaps some kind of a santa claus rally but as of now no signs that that uh could be the that will be the case so now lets see if chain link here is going to kind of uh follow suit on uniswaps nasty price action here on the weekly time frame or um you know are we gonna continue finding support and then see some kind of a move from the bulls that being said lets go ahead and look a little bit at the stock market real quick stock market looking pretty weak here having us cautious around regarding financial markets more broadly looking like bears are going to roll over price confirm this double top formation perhaps at lower lows compared to early december we were seeing volatility in the daily macd but then on the 17th i noted how we saw the largest macd we had seen during this period of volatility and wanted to be cautious of follow through from the bears not seeing that follow through and um i mean theres still a slight chance that we confirm a higher low compared to december uh early december and continue seeing the volatility around this short term ema set up bulls trying to get back in control with the large bounce but um you know with the price action that occurred on the 15th after the fomc meeting and then failed follow through from the bulls this you know should have us rightfully quite cautious of creating lower lows and waiting to see just how low we can go and how that affects the crypto asset space moving on to the ethereum comparative to bitcoin chart were also going to be watching this chart to see if we are going to confirm this uh lower high set on december 18th compared to december 9th as a lower high before bears come down create some lower lows compared to december 15th and trying to give us a bearish crossover here in the short-term ema setup we are seeing growing momentum on the daily macd from these bears so lets be cautious of that playing out or on the bullish side uh is this slight consolidation were seeing going to be confirmed as a higher low compared to december 17th and 15th before bulls try uh resuming the uptrend we were seeing for a bit zooming out one more time to the weekly time frame if we do see bears get control over the daily uh chart uh chart uh well then be watching to see you know dubuls once again find support above the previous closing resistance here on the weekly time frame around point zero seven seven three or are we really going to start breaking down below that uh and start looking more concerning here on the weekly time frame were also going to be watching the weekly macd last week we saw a winning moment bar and the bulls saved that into uh the later stages of the week so well see if that happens again here or if were really going to start closing out waiting momentum and watch for continuing waning momentum um and zooming out one more time to the monthly time frame if we see uh bears get back and control the daily time frame with the short term ema bearish ema crossover and start to show signs of weakness on the weekly time frame we do have to zoom out to the monthly chart because things still look quite bullish here and were just watching to see if uh you know again should we see bears get back in control for a while do we find support above the monthly closing support around this level say 0.07315 before bulls get back in control on the monthly time frame uh we are starting to see vault volatility continue in the monthly macd where we were having a white bar flip back into a green bar now flipping back to a white bar ill watch to see how this develops into the close of this month with still 11 days and 9 hours left uh if we do get more bearish follow through as i know lets see if we can get support around this previous closing resistance and if we break below that we still have a chance to maybe come test the 12-period ema and form a higher low compared to october 1st but you know if that scenario plays out you know we just really then have to be quite cautious of potentially coming up forming some kind of a i dont know some kind of like a head and shoulders where we come test the 12 period ema come back up to the previous closing resistance only to uh find resistance and uh start breaking down and if if that ladder scenario were to play out that would really have me rethinking my stance on this being a you know medium-term correction the crypto asset space um before ethereum really takes off on its own into next year with all the bullish fundamentals uh going on with ethereum uh into next year and and have me more more thinking that we could potentially go into a multi-year crypto winter bear market now i know ive been kind of restating that over and over again on these ta videos going over the stock market going over a theorem compared to bitcoin but you know partly thats for potential new viewers but its also to just really keep drilling in this perspective here that you know ethereums price action compared to bitcoin is very important in terms of the long-term uh trend because um bitcoin is still the largest market cap token and so going into a crypto winter bear market we would really expect to see um um all coins really sell off including ethereum comparative to bitcoin on long-term time frames like we saw occur back here into the crypto winter after 2017. right into 2018 despite ethereum creating new all-time highs in its price action we created lower highs here on the ethereum bitcoin chart and then set into a a clear bear mark a bear market here getting below the 12 period ema and um uh 26th period ema getting the bearish cross over here on the monthly time frame going into 2019 so anyways that being said that will be the end of this video i hope you enjoyed it hope you found the content informative if you did please consider giving the video a like subscribing to the bitcoin farming channel if you have not already but regardless have a great rest of your day or evening and hope to see you in the next video Technical analysis of the daily and weekly chart for LINK.
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