Hi everyone happy new year to all of you! I would like to dive in deeper for Chainlink probable path soon! Is $16 sooner or $6 sooner?
I have good news and bad news for all of us! Let me reveal good news first since it is the first day of new year! Good news is I believe we would likely see cheaper $Link very soon! As cheap as $6! Meaning we could double our holdings of Link in days ahead with the same amount of money we pay today!
Reason being, I have discovered an obvious downward trend channel that Link is currently trading on. Look at the chart, you would see Link is trading within a downward channel now. In the channel you can see there were 2 major pullbacks that I have labelled them in yellow lines, namely the DROP 1 LENGTH and DROP 2 LENGTH. You can easily notice that both of these lines have almost similar length. This proves the clear formation of an obvious channel.
Therefore Link will have 2 possible paths soon, either an upward move which I have drawn a blue line calling it the wave 1 that would send us to probably $16 or a downward move to about $6 soon which I have labelled it as wave 2. Personally I think red line wave 2 will have higher probability for now as we always say the trend is our friend. Since we can clearly see the downward trend now, likely we will be heading for wave 2 more than wave 1.
2 reasons to support wave 1 has lesser probability for now. To go to wave 1, Link will have 3 major resistances to overcome, namely R1, R2 and R3. With these 3 resistances, I believe Link would most likely avoid them and follow the current trending channel. Secondly, the failure in retest to enter back into the symmetrical triangle would be a good reason for us to believe Link has more downward pressure in coming days ahead.
To determine how far wave 2 would send us to, Drop 1&2 length would be a good measure to help us to predict the next likely move. Likely next drop would send us to $6 therefore. Next 24 to 48 hours we would have an answer. Again, set stop loss always to be protected!
Cheers and goodbye for now! More updates ahead, follow me and leave your questions at the comment section!
I have good news and bad news for all of us! Let me reveal good news first since it is the first day of new year! Good news is I believe we would likely see cheaper $Link very soon! As cheap as $6! Meaning we could double our holdings of Link in days ahead with the same amount of money we pay today!
Reason being, I have discovered an obvious downward trend channel that Link is currently trading on. Look at the chart, you would see Link is trading within a downward channel now. In the channel you can see there were 2 major pullbacks that I have labelled them in yellow lines, namely the DROP 1 LENGTH and DROP 2 LENGTH. You can easily notice that both of these lines have almost similar length. This proves the clear formation of an obvious channel.
Therefore Link will have 2 possible paths soon, either an upward move which I have drawn a blue line calling it the wave 1 that would send us to probably $16 or a downward move to about $6 soon which I have labelled it as wave 2. Personally I think red line wave 2 will have higher probability for now as we always say the trend is our friend. Since we can clearly see the downward trend now, likely we will be heading for wave 2 more than wave 1.
2 reasons to support wave 1 has lesser probability for now. To go to wave 1, Link will have 3 major resistances to overcome, namely R1, R2 and R3. With these 3 resistances, I believe Link would most likely avoid them and follow the current trending channel. Secondly, the failure in retest to enter back into the symmetrical triangle would be a good reason for us to believe Link has more downward pressure in coming days ahead.
To determine how far wave 2 would send us to, Drop 1&2 length would be a good measure to help us to predict the next likely move. Likely next drop would send us to $6 therefore. Next 24 to 48 hours we would have an answer. Again, set stop loss always to be protected!
Cheers and goodbye for now! More updates ahead, follow me and leave your questions at the comment section!
Comment:
Please refer to my latest idea,
