Chainlink Survives Crypto Crash: Slightly Altered Bullish Setup
Chainlink ( LINKUSD ) pulled back violently along with the rest of the crypto space on December 3-4. While some cryptos had their bullish setups destroyed and others were left relatively unscathed, LINK falls in between. While the nested very bullish PURPLE 1-2,i-ii setup that we had got invalidated with the break of the 20.83 low that we had with what WAS the purple subwave (ii), LINK did NOT break the midsummer low of 13.55, which will now serve as MAJOR support. Breaking that would put us in the Red Alt pattern, which can take us down into the 10-dollar range.
Our new GREEN pattern sees this recent low of 16.87 as the true subwave (ii) with the previous purple subwave (i) remaining as-is. As the new green pattern has this deeper subwave (ii) retracement, our projected targets drop slightly across the board. If we can hold the 20.83 support on any pullbacks, our subwave (iii) is targeting 71 - 92 for nearly 3.5x return. After a possibly lengthy 4th wave sideways consolidation, the subwave (v) and our eventual rally top projects between 107 and 137 for a 5.5x return.
If you already bought the dip (BTFD), good on you! But as always, please be mindful of your own risk-tolerance and investing strategy. If you're still looking to buy, DCA (dollar-cost averaging) may be a good choice as it reduces emotional attachments and reduces the risk of buying peaks.
The 0.382 extension of the larger structure at around 124 remains a very strong long-term resistance that I don't expect to clear on this current bull run. In fact, I believe that it will coincide with the major long-term top we will see in BTC and ETH after which we may have a painful correction across all the cryptos. This top would be a great time to take profit and reinvest into other asset classes or Stablecoins. I would expect LINK to fall hard but BTC and ETH to fall even harder and much longer as they will be topping in a MAJOR wave 5 off of a nearly decade-long impulse wave.
But there is a great silver lining in what may be a multi-month or even multi-year swoon in the crypto sector. While the major cryptos such as BTC and ETH may underperform, LINK could be entering a strong 3rd wave rally. Assuming that our rally from around 13 to 124 is only a subwave 1 or a much larger 3rd wave, we've got clean targets for 450 and well beyond. In other words, the long, grueling Wave 2 pullback may provide us a GOLDEN opportunity to make a life-altering purchase with outsized returns in subsequent years! If you've missed out on buying LINK or are feeling FOMO, remember to keep you eyes on the prize!
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
#chainlink #bitcoin #ethereum #crypto #cryptocurrency #fence #blockchain
Our new GREEN pattern sees this recent low of 16.87 as the true subwave (ii) with the previous purple subwave (i) remaining as-is. As the new green pattern has this deeper subwave (ii) retracement, our projected targets drop slightly across the board. If we can hold the 20.83 support on any pullbacks, our subwave (iii) is targeting 71 - 92 for nearly 3.5x return. After a possibly lengthy 4th wave sideways consolidation, the subwave (v) and our eventual rally top projects between 107 and 137 for a 5.5x return.
If you already bought the dip (BTFD), good on you! But as always, please be mindful of your own risk-tolerance and investing strategy. If you're still looking to buy, DCA (dollar-cost averaging) may be a good choice as it reduces emotional attachments and reduces the risk of buying peaks.
The 0.382 extension of the larger structure at around 124 remains a very strong long-term resistance that I don't expect to clear on this current bull run. In fact, I believe that it will coincide with the major long-term top we will see in BTC and ETH after which we may have a painful correction across all the cryptos. This top would be a great time to take profit and reinvest into other asset classes or Stablecoins. I would expect LINK to fall hard but BTC and ETH to fall even harder and much longer as they will be topping in a MAJOR wave 5 off of a nearly decade-long impulse wave.
But there is a great silver lining in what may be a multi-month or even multi-year swoon in the crypto sector. While the major cryptos such as BTC and ETH may underperform, LINK could be entering a strong 3rd wave rally. Assuming that our rally from around 13 to 124 is only a subwave 1 or a much larger 3rd wave, we've got clean targets for 450 and well beyond. In other words, the long, grueling Wave 2 pullback may provide us a GOLDEN opportunity to make a life-altering purchase with outsized returns in subsequent years! If you've missed out on buying LINK or are feeling FOMO, remember to keep you eyes on the prize!
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
#chainlink #bitcoin #ethereum #crypto #cryptocurrency #fence #blockchain