Foreign [Music] Welcome to another update video about a Link chain link has moved up quite Nicely since it hit the low here at 553 We did expect upside from there it did However move up a little bit more than Originally anticipated Um so I did have before your slightly Different pattern in ABC In a different form didn't work out Broke through resistance which makes me Consider the next most likely wave Pattern generally you know my view about Link it continues to be it's not bullish At least not yet yeah it can become Bullish but not yet Um I won't see anything bullish in this Chart until we break at least above 9.63 which is this high of this Wave 4 And this wave a This is just structurally very important And until then we uh we don't have Anything bullish on the chart is what it Is um More important would be for me the 11.50 Level that puts the entire daily chart Trend back into an uptrend okay so just That you know that until then I'm Focused here on the downside and my view Is here as you know that since June we Or basically since May we've been Creating this loan actually very clean Um pattern triangle pattern a very weird
One Um which is basically an A B C D E Elite Wave pattern we were waiting for a Breaker to the downside which which Happened Um and normally what you get when you Break out of a triangle to the downside Like that you get a very strong sell-off Which we had yeah we broke from 9.40 down to 5.80 of course that was Related to FTX but it was already in the Pattern yeah we talked about a breakout To the downside and whenever you break Out of a triangle to the downside then It is normally a very very impulsive one Which happened here in this case Sometimes you just need a catalyst Um Now that we came down in this wave one To the downside here that you can see if I zoom in a little bit came down to this Wave one to the downside we then Obviously retraced we moved up in a So-called wave a the three wave move Then we came down in a wave B which did Slightly undergo wave one basically a Flat pattern and we're now moving up in This C wave and the ABC pattern here Creates a wave 2. So there is no sign that this is Currently topping yeah there's topped Yet But It looks fairly complete yeah
We can also calculate so there's a few Ways how we can calculate now a Target So first of all we can calculate the Target for this C wave here We do that by taking the length of the a Wave And we add it to the low of the B wave And you can see we've reached A bit difficult to see now but Yeah it's annoying let me just So the first Target is already reached The one to one ratio so forget about the First Target the second target is 1.618 I mean theoretically this could go all The way up to the 1.618 extension at Eight dollars and 23. Yeah that's possible But we need to be ready at any moment This can turn around now so but we'll Get to that in a minute another way of Calculating the target is just by taking A look at the Fibonacci retracements of The wave one And we've got here the next resistance Levels are 767 8.10 which is the 61.8 Percent exterior Flip Flip level yeah Which is very similar to the 1.618 Extension I just showed you so 61.8 FIB Level is one of the most relevant ones And then we've got the 78.6 FIP level Which it shouldn't really go above That's 8.71 So this is where we are it can still go Higher yeah and as I said the 61.8 FIP
Level is very much in line with the 1.648 extension I showed you anywhere in This area it can already turn around Highest likelihood I would say sort of In this region around eight dollars Actually yeah because we've got the 1.618 extension Target plus the 61.8 Percent FIP retracement Target and then We should move down in a way three and Then we can already make some Assumptions about Target for the wave Three Would talk here about I mean yeah I mean This could go full bear mode into the Two dollar range but my first Target Would be here the one to one ratio Around 4.50 Yeah because the all of this could just Become a diagonal pattern as it seems But yeah that's my update Um in the very short term as well You can see we're already quite high on The four hour RSI we're already seeing a Bearish diversion so need to be ready That this is not the time to go long Anymore not for me yeah Um but um rather that this is obviously A short trade area here Um well I would personally set a stop Loss above the area But um this This can come down from any any moment Now yeah Short term though let me see very short
Term I mean this still would support higher Prices here very short-term you know the Thing is as I gave you the sort of the Let's say the high probability area Around the Eight dollar Mark but on the Four hour you already see a bearish Divergence bearish diversions just means It could turn around at any moment so You know time to watch it Okay but that's my update about Um 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]