Foreign Welcome to another video about link Chain link so chain link is finally Following through on bearish forecasts Um now of course you can say this was All related to FTX which it was yeah the Whole Market is basically coming down But the the thing is that before Um before we had an invalidation of this Triangle to the upside just before that Yeah so the wave e did not go above the Wave C High which it shouldn't really so It did basically do what it was supposed To be doing but it really maxed out what It could do in this wave e of a triangle We are finally breaking out to the Downside now we haven't broken the wave D low so that should be massive support Um but it is finally following through So far so let's take a look at that in a Minute with link though yeah even though We had a catalyst that was sort of Completely outside of ta Even though we had it on the radar in The membership that this was going to Happen but that it would have that much Of an effect on the market I didn't Anticipate Um I anticipated Um you know get out of FTX Sell your ftt if you have any on the Weekend But that it would completely crush the Market I I wouldn't I didn't expect
Nevertheless we had a bearish scenario On the radar with link we talked about That there isn't really anything bullish On this chart until we get at least Above 963 but it would be even better Above 1150 the market again did not Follow through on bullish scenarios but Indeed it followed it currently follows Through on the bearish scenario here on The chart there is quite an impulsive Move down and the Target still stands Between 290 and 350 now yes we are still Quite far away from that Maybe we don't even get that low Um What we would need to do to follow Through and fulfill this scenario here That this year is a wave four basically Which would result in a wave 5 in which We might be now yeah all we need to do To follow through is to go below the low Of the wave B that would Um well that would fulfill the scenario At 5.27 that's the minimum we need to do To fulfill your wave 5 to put a new low In place that has been the forecast here For this chart and well to really Confirm that I would like to see a drop Below the wave d low at 6.20 we're now At 650 so we're getting closer Um and the wave B low would be the Confirmation obviously that we come down Lower but due to the nature of this Triangle the wave below is already the
Low anyway so you don't really need that Confirmation because it's happening then Right But therefore it's so important to take A look at the 620 level when we lose 620 I think we're going to retest the um Five well let's say the 530 level here 527 535 27 roughly in that region Um and then we can follow through on Lower prices a bearish Target generally That I can see and think is realistic is Between 290 to 350. it seemed very Unrealistic days ago now we're getting Closer fast Um but still link is one of the coins That is still holding better than some Other coins I must say Um just compared with Solana even even Ethereum is coming down strongly right So yeah link is coming down of course as Well but it's still sort of holding in a In a decent way right so still a buffer Support key support here is the again The 620 level and sort of we've got a Bit of micro support here in the region Around 650 those two lows And if we look at the lower level wave Count I mean I'm very careful with doing Wave counts at the moment in the current Um in the current environment until the Dust has settled normally I would say This looks like a Wave 3 what's coming Down here but I can't really count it Away for as a wave three because
There isn't really The the one two setup is missing right I Mean what I could do And this would be Not my let's say primary expectation But the other way to look at this is not As a triangle But as a one two setup and another one Two setup and we're now following Through on three that would though even Be or that would be even more bearish Than the triangle pattern Because then we would have to we've got This one too then we're following Through on the wave three there'll be a Four and a five that would only complete The Wave 3 of this pattern so I mean yeah the focus here is on on door That you know it's as simple as that and I showed you in the previous video Even If we if we get a breakout out of this Triangle and we just take the height of That triangle and add it roughly to the Breakout point that can take us down Into that three dollar region right just Below three dollars so yep that's Currently following through It avoided to go above the key Resistance at 963 so primary scenario Currently on follow through and I think Now we just need to see do we break the 620 level that's certainly the next Support and then the wave below so at The moment there is nothing bullish on
This chart Um as already explained in the well in The past few months really yeah I've Never really been bullish here on link Because of the Um price structure that has developed Right because of the price structure so There was a potential I think at some Point that this was going to break out But then the messiness here made us Consider for the last few weeks this Triangle pattern with an expected drop To the downside and while we have Um While we have not broken below the wave Dilo we have broken out of the trend Line as you can see here now again There's various ways of how this can be Drawn maybe even like that but the more Valid trend line I think it's this one Um and yeah out of this we have dropped To the downside as you can see okay so I'll keep you updated about link 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 bye Thank you