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  • 5 months ago
$LINK_ Chainlink Analysis_ Ready for a Skyrocketing Move_ _ Key Support Levels

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Learning
Transcript
00:00Hello and welcome to another update video on LINK.
00:03Yeah, LINK is finally, finally, finally giving us that pullback
00:07basically from where it needed to.
00:10I mean, the third wave was a bit extended,
00:12but that's completely normal in a third wave.
00:15I think yesterday in the video I already shared with you
00:17that we might be working on a B wave here
00:20and we now start to see that C wave decline.
00:23And this is now the moment of truth.
00:25Yeah, this is now the moment of truth.
00:27This is the next test for the bulls.
00:29Everything here in this uptrend was really just characterized
00:33by really only weak pullbacks.
00:36So for me, it's very simple.
00:38The $16 level is the pivot between bullish and bearish momentum.
00:43It is clearly only a three wave move to the upside.
00:46Any break below $16 will lead to a mess.
00:50Okay, it's quite simple.
00:53So basically the focus for today
00:56and maybe over the next few sessions
00:58is whether the bulls can defend the $16 level.
01:03$16.08.
01:04Now, the 38.2 retracement is already an ideal target normally for a fourth wave,
01:11even though I shouldn't really call it a target.
01:14It's just support.
01:15But most wave 4s would normally reach the 38.2 retracement.
01:19In this case, it's $16.99.
01:21So yeah, we're currently dipping into support.
01:26Market is moving fast.
01:28Again, the market overall was overheated.
01:31But we now need to see if the bulls can defend those support levels.
01:35We are far away from most support levels.
01:38Okay.
01:38Not only on the link chart, but across the sector.
01:41We're far away.
01:41So pullbacks might seem deep, but that's what they are.
01:46You know, for most of these rallies were very extended.
01:49So we really need to see now if we can defend those levels.
01:56Now, could we see even more detail in the microstructures?
02:00Really difficult to see.
02:01I mean, what I can add is the Fibonacci extension zone, which is relevant.
02:07Basically, based on the length of the A wave, we can define a target zone for wave C.
02:13But we're already in that zone, and it looks like we might want to go at least max it out,
02:18maybe even go a bit lower.
02:20So we'll see.
02:21For now, the local trend is down.
02:23Yeah.
02:24But there is still a, yeah, the chance here for reaction.
02:28So we'll see if the bulls can react to these levels.
02:32I won't make the video short because there is really not much more to say.
02:35It's rather important to upload the video quickly as the market is moving very, very rapidly.
02:41Okay.
02:41That's the update on link.
02:43Hope you liked the update.
02:44If you did, please hit the like button, leave a comment and subscribe.
02:47And if you really like the content, then please check out the channel membership.
02:51Also, make sure you join us on X for additional updates.
02:56Yeah.
02:56You'll get more updates here as well throughout the day.
03:02So if you're interested in more rapid updates, check it out.
03:05I'll leave the link in the description and in the comment section.
03:08Thanks so much.
03:09Bye-bye.
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