Foreign Video about chain link Um chain link is one of the charts where I said it actually has the most bearish Setup Um and I've been saying that for a while But it's just so stubborn it just Doesn't want to put a new low in as it Seems but um yeah today again 5.5 Percent down at 580 and since we broke Out of this ABCDE triangle Um We have been coming down quite a bit But we are still holding above this low From June not much but we're still Holding And the problem is that we're not really Coming down in a very impulsive way so It really is very very Stubborn at the moment Um I am still of the view that we really Need this Um or that we might need this wave too Still yeah so that obviously the view Was that there's two possibilities um For me here most imminently yeah Um that would align with my larger Assumption that we're coming down once More so this year was already the wave One hero2 and we are coming down in Three already there'll be a four and a Five and that's one possibility but I Start to think that's less likely given The
Rather corrective price structure here So we're looking at this alternative Actually where we're saying wave one Down and then here just a b and another C wave up in wave two and then we come Down in three and four and five the Problem or the why I think that it's not Too unlikely is actually because we're Still lacking impulsive price action I Mean just now we see quite a quite an Impulsive candle down so maybe we're Finally breaking out to the downside and Maybe we have the Wave 2 already in but What I can promise you is that we There's nothing bullish on this chart Until we really finally get above 9.60 So there would be a lot of five waves to The upside that I want to see before I Change my um Before I'm changing my view here so Breakout point to the downside will Actually be just about to approach it Would be 5.70 that would be the breakout Point and if we finally get below that Level then well then I'm going to revise My view and tell you that we're probably Not going well it's actually not it's Only the alternative anyway so Um the assumption that we're putting Here Wave 2 in is on the alternative the Primary was that the Wave 2 is already In so we'll see Um it could it could it could Um
Yeah no that should that should be it Really and um It is this 5.70 level really that is the Breakout point to the downside until we Break below that it's still very much Possible that we're putting away C to The upside in so any upside from here Um that would take us above the Resistances here mainly about above 666. Crazy uh 660. that would be um Rather mostly a corrective move up or Let's call it an Impulse in a correction This wave C of two yeah so I wouldn't Call that bullish if we move up from Here the greater charge structure just Doesn't really suggest it I would like To see here one more low so that Link has the chance to reset everything And build it basically build a new Bullish structure from scratch And yeah I mean it is very stubborn Honestly I mean ethereum is coming down Now I think Bitcoin as we speak Um and we might see a decision here but Link is still holding right but it needs To get below that 570 level we get below That next Target would be the 530 level And if we lose that then we will finally Get into this region between three and Four dollars maybe even into whatever But this is really a very very bearish Target but you know it it just really Needs to put a low end below 530 and Really first support area would be four
To three dollars and then we've got this Other area between 350 and 290 it Depends a bit on the structure which now Evolves and if we finally put a new low In place I'm gonna keep you updated About the more let's say more um More well targets that are a little bit More likely right a little bit closer Closely defined targets okay and that's My update about link so hopefully 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