Token guys, as we get into this video, if you find it useful and informative, then do go ahead and hit the like button. I really do appreciate that, if you are new make sure you subscribe tap, the bell select all notifications, and in doing so you will be kept up to date with all the future updates. We have here for chain link right with that said done. That way, lets jump into this weekly chart for chain. They can talk about whats been going on most recently and what we could be looking forward to going forward now guys im going to just kind of break this down really quickly, but there is no five impulse waves to the upside here for chain link and wave. Four went too low that actually broke the uh rules around eliot theory and these impulse waves. Basically wave four should never go lower than wave ones peak, and so we know that there are no five impulse waves. I want to get that out of the way. Right now um, i know that uh. Obviously, we are following impulse waves on many projects, its just not happening here for chain link, and so now, weve seen know what we what is and what isnt you know, potentially on the horizon, and but there is still good price action that were going to talk About in this video now um on the uh weekly chart, here, we can see that were overbought.

This is a game in line with our expectations during this kind of good push to the upside, we actually saw ourselves have this kind of correction in the middle here. This was a nice oversold area before going up and peaking nicely here in this kind of um push to the upside the significant rise in value we were up in the overbought area. We went up into the overbought area from like 11th of january uh through towards the end of february. Before we started to lose momentum now were losing momentum on our stochastic rsi, even though we started to actually peak up with better price um, you know discovery right. So the price of link went up, although we actually lost momentum, and we actually went down to the oversold area. Okay, so we were basically losing momentum, even though were pushing up, went into the correction and were already almost all the way down towards our oversold area and were basically tracking around this area. Here of around that the kind of uh 30 area kind of low 30s, and then we went into the oversold area, were down in oversold status since may and through to august right. And then we started to see a good push back to the upside good recovery and this kind of v bottom. If you will and again were overbought and again, we can be up here in this liverpool area for quite some time and so again, im not too worried about that.

Many of these old coins that weve been talking about on the channel and have been up here for several months before they start to come back down to the downside so again and were tracking nicely the yellow box area down here. This is our accumulation zone for link uh. This is an area that were in very very briefly right. We had a couple of wicks coming down into this buy zone and then were out of there very very quickly and the yellow box area just up here. This is our six one, eight, our 702 786 areas – and this is where were looking to get that closed candle – to basically make a significant push back to the upside full link and so lets jump this down into our daily. This is where we can actually take a look at the fibonacci retracement tool. Okay, we can see that we are approaching our yellow box area here, im just going to pull it back in line its a little bit out of sync. There we go, and so we can see that, obviously we are pushing up towards our 618 area now guys. This is going to be a bit of a challenge for us and because again we can take a look at the history well kind of consolidating down quite nicely over here and right now were up against resistance. I will quickly mark this up on the chart. Let me just grab hold of my horizontal ray, and so we can see that this area right here right where were pushing right now, although weve whipped up higher and previously this was an area of resistance where we saw a rejection.

Okay, so getting the momentum pushing up from here is going to be absolutely key, as we go into the 618, the 702 and the 786 again, a big battle is going to happen here, its going to be um, you know, touch and go whether or not we Get rejected from the 618 or the 702 or even the 786, and we could potentially trade sideways for a while here now. In doing so, we would start to see a correction on our stochastic rsi. At the moment we are overbought like we had been overbought during this initial run. Uh we did see the the momentum drop out right. We saw a couple of sideways trades, a little bit of a pullback right here and taking us into the oversold area, and then we started to move back up again back into the other ball area. So again we can be up here for a while, but at some point we will be looking for a correction to the downside. Okay and again, that could just be a very simple sideways trade or maybe a little bit of percentage loss as some profits are taken and but i dont think its going to be anything too dramatic, not in the same way that we had seen previously. Okay, so again, everything is looking pretty good. We as we continue the push to the upside, as we finish quarter three go into quarter, four in a really strong way with the crypto space.

So, overall we are obviously in this interesting area of resistance. We want to turn that, so what does the hourly tell us? Does it tell us that we are likely to push past this resistance, or are we are going to uh, basically see a bit of a downward trend? Now, right now, on this hourly chart, we can see that we are starting to see this correction. We pushed up and we started to have the correction finding support on our 35 dollars and 36 cent zone. This has taken us to the oversold area. If we continue to trade sideways here, we could potentially see this momentum completely get pulled out, and then we have a good signal and push to the upside to go after the 618 area. Okay, so we threw the volumes on here we can see. Good volume was coming in on our way up to the upside here, which was fantastic and again during these kind of corrections. We can actually see that the volumes completely dropped out a little bit theres a little bit of growth in that volume. Otherwise, for the last couple of hours or so weve actually seen a decrease in volume and again were getting a green candle. So if we do start to see this continue to grow now uh, we could potentially be looking towards our 618 area and we could be looking to try to get above that and turn that into a support line, as we have done with our 35.

36 um resistance. Now a support line, and so, if that does continue well be in a very good strong position here for link and which well be taking into this battle zone. Obviously, in this area we do anticipate theyre going to be quite a bit of resistance that were going to have to fight our way through and its going to be a bit of a journey to kind of uh. See this thing through. But with that being done and out of the way once were above that 786 – and we get this closed candle up here, preferably a weekly one and thats going to be a big ball signal that takes us into price discovery mode for um link here. So when we actually jump back down into our daily, knowing that we are in a pretty positive position on our um, our hourly view, the likelihood is that were going to continue to be overbought here, uh in the daily and again in the weekly um. So what does that mean? Well, once we get that close candle above our 786 uh well go after the previous all time, high of 53.21, then we go into price discovery. 1.618 of the fibonacci extension level is 77.85 thats going to be the first target. The second target is 117.72, the third target is 157.59 and then our last final target for chain that comes in 182.23. This is the full 4.236 extension on the fibonacci retracement tool and so again, thats.

Quite a lot of uh progress to be made a little bit of you know: resistance to work our way through before we get into that kind of price discovery mode, and but once we do its going to be quite a significant run uh, we can see that The percentage gains on the table here at this point are another 417 percent from the current position of 35.30, all the way up to 182.23, so lots of fantastic things on the horizon here for chain link and again this isnt a project. We talk too much about and not a lot. Many people tend to watch the videos on this one, but with that being said, chain link is absolutely critical to so many projects, specifically with d5 getting price feeds and real world data on chains. So its not a project that you can easily ignore, obviously im a huge fan as well guys – and i think many of you know of api three – another oracle based project who were the top validator for chain link for quite stin. They decided to actually set up their own protocol, cutting out the middleman altogether and going straight to the isps now i do like api three and but i do think that chain link is going to be the front winner for this particular cycle, so watching chain link And looking at the price action of chain link is going to be absolutely critical if youre invested in it and seeing the kind of growth thats going to be expected of such a powerful project like chain link so guys.

Hopefully, you have found this video useful and informative if you have hit the like button. I really do appreciate that, if you are new to the channel, do subscribe tap the bell, select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here with this said done and out of the way, i hope Everyone has a fantastic day and ill catch.