Chainlink LINK Price News Today – Price Forecast! Technical Analysis Update and Price Now!

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

Foreign [Music] Welcome to another update video about Chain link so chain link Um followed my forecast from the last Video we were in the last video Um I think just sort of moving here to The upside yeah and we said that ideally We're gonna make one more low here in The way five because we had a wave 1 2 3 4 and ideally one more low was needed Which then also happened and then we Could now finally be in this Wave 2 to The upside that would be part of the Bearish scenario we're also gonna take a Look at the bullish scenario but Basically Um the chart came into my support area Reversal area reversed and we're now Moving up and that was the forecast from Last video and the question is now is This going to be a five wave move which Would be actually bullish and would Confirm a possible bullish count or is This a bearish wave two corrective move Up a relief rally which would result in Lower So we're going to take a look at that With regards to that latest low which Actually happened Third today no yesterday that was was Yesterday I think it did happen yesterday Um

It wasn't really a lower low more like a Double bottom which sometimes happens in A um if the trend changes you know it's All called truncated law but this would I could count this as a wave five I mean On some exchanges it might have been Lower Um here it was basically two cents Higher but it was one significant swing Low so we saw that and unfortunately the Markets don't always behave in a perfect Way yeah but what is most important is That the higher degree scenario has Worked out we came into the support area Reversed And um This could now be the wave tool yeah Coming down in a wave one reversing in a Wave two I will now be able to give you A target for this Wave 2 as well Um which is the area where we should Reverse to the downside in an ideal way So let's look at the support areas here Auto or resistance areas So we're looking at the area between the 50 FIP retracement and the 78.6 Retracement it is the area between 7.13 And 7.51 where we should ideally reverse So after this was a possible long trade Area for anybody who wants to trade it I Wouldn't trade it because it's most Likely just a wave 2 so a corrective Wave to the upside so but this is the Area where again we should turn around

To the downside ideally yeah We have a bullish count as well however I would only give the bullish count Around 35 probability which is not too High Um in this bullish count we would break Out above the yellow support box a Resistance box and if we really get Above 751 752 a substantial breakout Above that it would be the first Indication that something more bullish Is going on that would need to be Confirmed by breaking above 7.80 then 963 and even more importantly 11.70 so I'll keep you up to date about That and How likely it is that we are Actually in a bullish account at the Moment it's just doing what it's Supposed to be doing in this bearish Count which is just a counter reaction Just a corrective action after that um Yeah five wave move to the downside Which is quite bearish so this is the Area where I would expect it to go into Now this should normally happen in five Waves sorry in three waves Um yeah what we've got here at the Moment is possibly just an a wave so ABC It should be So this is probably just an a wave still Now this could be finished or get one More High then we should come down in a B wave and move up in a c wave so it Would work out nicely so if you suddenly

See quite a strong move down and we Haven't reached the resistance area it's Most likely just a b wave which would Then be followed by a c wave we don't Have enough price information yet so I Keep you updated in the next videos but This looks like it could be a one No it can't be Um And again well it depends now where we Say this wave 5 actually finished right So it's a bit tricky here we could say This was one two this is a three then a Four and a five or we find here a small One two setup three for I think I'm Gonna go with that that we had here Small one two three this may be a four In a diagonal and a five up or Alternatively Um we have a flat pattern here so wave a Is already in with a three wave move And we're coming down now in B that this Was a one um no this was an a wave now a B and a c wave in B and we would move up In C but Again this is just really micro counting Don't want to get too confused about That I think the support and resistance Areas are most relevant here at the Moment Um and then we should move down in a Third wave Um which I can't really Define for you Yet I think we're looking at something

Around 450 or so for that area and it Would be the third wave of the third Yeah and then there should still be a Fourth and a fifth of a third then a Fourth and a fifth so this is how Ideally this move down should work out a Cannot rule out a bullish count um However with this five wave move down This bullish current got less likely the Bullish count would have also reversed In the support area this is why I made You aware in the last few videos that Either in each scenario I would expect The price to get into this in Reverse It's just that in the bullish count We've done here with one up a wave two Down and we are now in the three up wave Three and should break through that Yellow resistance area Target for the Third wave to the upside if anybody Wants to know that would be around 10.11 So it should actually be here The 1.618 extension yeah that's 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 [Music]

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