DarkWaveHunter

Link's another 50% correction possibility

Short
BINANCE:LINKUSDT   ChainLink / TetherUS
With more than 5000% gain in recent years, ChainLink is one the heroes in cryptos market. But recently it started some sever correction. Recently completed a 50% correction that was predictable. This my chart when I realized the possibility of correction and marked the possible targets:
now as you can see, we reached to the first target:
Now reaching to the second targets are reasonable based on USD index and BTC dominance re gaining in short terms. All I do is monitor my own algo to see if the projected scenario is achievable and when is the best time to enter. Since last year and half (after listing LINK in Binance) I’ve got 15 signals on its price action, 1 went wrong and invalid, 14 went right! Win rate 93%. This is the weekly chart you can see the bearish signal in the top before this 50% correction:
Do your own research my friends and have best trades.
Comment: Based on fundamental factors this drop may be a short term fear in the markets, so it is not wise to overlook the bullish scenario. Also there's a new harmonic (Gartley) completed here. So I've adjusted the chart based on these:
We should wait for reaction in the key levels.
Comment: As foreseen
Comment: Done!
Comment: Retesting 7$? Even lower possible in Daily and Weekly charts
Comment: Things getting different. Link starts to making HH & HL.
The bearish trend was so strong that one can hardly assess if it is a correction or next big bulls are coming. I see possibility of bearish moves in several zones between 12 – 17, if that leads to another HL it would be great!

Comment: Still bulls are pushing
Comment: More choppy moves in short terms scenario
Comment: imminently reversed to the upper line after touching bearish target

Comments

Hi Dark Wave Hunter.
I wish I had seen your excellent post earlier. I'm a newbie, had exactly the same intuitions, but didn't trust my own analysis. Hence losses now (12%).
Would you have an advice for me? What would you recommend me to do? I hold a big amount of Link.
Reply
EZ89 EZ89
PS I am aware that Link was going up again from a low support level and is now suffering the crash. Do you think Link will drop to the even lower support levels?
Reply
@EZ89, Hi.
Well the importance thing would be your risk tolerance. I think the possibility of drop to 3.5-4$ is significant. Retesting 7$ even more. So this would be a 50% drop and based on your size loss would be big, I think at least losing some volume would be wise. Hold any amount that when if we reached there you would not freak out! Calculate total amount of loss possible based on 7$ and 4$ scenario.
Holding some of USDT would give you the ability to re enter from dip.
Note that I'm not a predictor. You should be flexible and monitor constantly. This is a possible scenario.
Reply
EZ89 DarkWaveHunter
@DarkWaveHunter, Thank you so much for your reply. Really the kind of advice I was hoping for.
I would like to sell half of my Link, based on a 7$ and 4$ scenario, but I have discovered, however, FOMO is a very big stress for me, and we are currently at a possible downside of the pattern. I will closely monitor the development and sell if the pattern breaks to the downside.
Thanks again for the insight and clues.
Reply