I'm a seller here. A serious neckline has been broken, with further drop expected. I'm making no bottom prediction here. Reasonable expectation is the .618 fib retracement level at 8.6. Another is the bottom line of the trend channel shown, since corrections very often are contained within trend channels.
As I previously indicated, this is an EW wave 4...
The chart shows Chainlink at an important decision point (against both the USD and BTC), a classical triangle with lower highs and higher lows. The lower line represents an important head and shoulders neckline which if violated will signal a likely substantial descent. The upper line has been well respected by price action so far and a breach will likely mean a...
An update to my previous post in part to answer those who maintain that a flash (1 minute) crash on 16 Aug indicates crypto manipulation, thereby invalidates technical analysis.
I have updated the chart with labels to indicate the likely Elliott wave count for the wave starting on 16 March and ending on 16 August. If we assume that the entire wave is of primary...
Chainlink's abrupt and violent correction took nearly everyone by surprise. But for those of us who remain, the big question is: What to do now? Here is what I'm watching.
Todays downside action, with similar action from ETH and BTC, indicates that primary wave 2 is not complete. Expect eventual completion near the primary 2 symbol.
With the latest failure at the primary 2 trendline and similar action in ETH and LTC, it is apparent that the correction is not complete. More weeks of downside expected.
In Elliott wave terms Bitcoin has completed primary wave 1 up and now looks like it is ending the wave 2 correction. Price is knocking up against the primary wave 2 trend channel and working toward completion of the first impulse of the coming primary wave 3. I'm 60% in favor of this interpretation with the other 40% being that primary wave 2 is not yet...
