Foreign [Music] Welcome to another update video about Chain link link this Market is testing Our patience guys Um we are still looking at this wave Pattern here this ABCDE triangle which Presumably broke to the downside at Least it is currently my expectation That we moved down quite strongly in a Wave one which would be followed by a Wave 2 here then wave three down a wave Four Up and Away five down so this Pattern is what you would expect Reasonably after a break of this Triangle typically when an Elliot wave Triangle breaks and again these are the The waves a b c d e you have a five wave Pattern in an Elliott wave triangle in This case so-called ABCDE each of these Sub waves are corrective waves Usually when it breaks it goes quite Impulsively in the other direction of The wave e so to the opposite direction Of the wave e and if you look at this This is exactly what happened and I did I had been waiting for this break for a Long time unfortunately we've just fell Short of making a new low below that 12th of June low of around 5.30 so this Is still my goal I would like to see Link get there because putting a bullish Structure into this Is very very difficult I mean let's
Assume we are going to Rally from here I Mean how would I construct this In terms of any kind of bullish count it Would be a very very weird Some kind of a diagonal pattern count Like a I don't know like Um like a wave one up and an ABC And we would have bottomed here but we Came basically down too low to make it Likely so it's extremely extremely messy Of course everything is possible you Know markets are uncertain But we can always only look for the most Ideal and likely outcome and most ideal Pattern right I mean don't get me wrong Mark it's too unlikely stuff all the Time so but the the key is to be Prepared for it and to understand when Does actually the context change here And my expectation is still that we are Moving down in this five wave move I Mean I still expect as you know another Low for Bitcoin I don't think we've seen The bear Market low for Bitcoin yet I Don't think we've seen that degree of Capitalation yet I don't think there is Enough Um interest by retail yeah there's still People buying the dips I think until we Get No people literally buying the dips Anymore Um only then really retail has
Capitulated I think we haven't really Seen that level yet of capitalization Generally across crypto and that's also Why I think this wave count fits quite Well my general expectation in crypto But in addition to that I don't have a Bias here because even if I was Trying to put a bullish count and that There simply is no bullish count of Course you can you can put a bullish Count everywhere the question is How Likely is it am I my task as an analyst Is to identify the most likely one or Two wave patterns I mean of course Bullish count possible but then I would Want to see a decisive move above the 9.63 level that would be this wave a High then we can talk start to talk About more bullish currency but you know This is a level we haven't been Above This level since June so it would mean Something to break it in addition to That the 11.70 level needs to be broken As well that is the 78.6 FIP level of The larger link cycle and um getting Above that level would be a next degree Of confirmation that indeed we are Actually breaking to the upside and not Hovering to the downside here or Breaking to the downside but currently It link isn't doing anything bullish all It's doing at the moment is putting here A wave C in place most likely of a wave Two so the count is wave one down oops
Wave two up wave three down four up five Down most likely in something like an Ending diagonal pattern what you can see Here is that link is only just now Moving into resistance between the 50 Retracement and the 78.6 retracement Between 7.70 From where we got rejected from right Um and 8.73 it's already above the 78.6 Percent FIB level that means above 873 That we could think about something more Bullish because above that level it's Unlikely there's still a wave too Um but there is still quite a lot of Space here and as you can see link got Rejected from each of these keyfib Levels here now let's see if we get to The next one at the moment this Rejection isn't strong enough for me yet Yeah it's not impulsive to the downside Enough of course this could become Something more impulsive and it might Really become if we lose this ascending Trend line yeah of this triangle that if We lose that trend line of the triangle I think then we could really see a Strong impulsive sell-off to the Downside next confirmation that this is Breaking then would be a move below this 6.50 level which is this swing low and Then we can follow the Wave 3 to the Downside into the three to four dollar Region it's hard to specify a clear Target because if this is really a
Diagonal pattern it doesn't really Adhere very well to the classical you Know normally you would say Target for The Wave 3 is the 1.618 extension of the Wave one this is in the diagonal not Necessarily the case so we need to be a Bit more flexible but um let's say we Come down from here I think one one main Target to look out for is the 4.17 level The one to one ratio okay in this map Did about a 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] Thank you