✴️ Chainlink Classic Flat (Irregular Correction 3-3-5)

13 dic 2023

It seems people are complacent because Bitcoin is still trading above 40K... Here is the thing, when it changes it will happen by surprise, there is no time to act unless you are ready for the unexpected to take place.

Chainlink is the same.
Because prices are high and strong, it is easy to miss the bearish signals that are starting to show up.
Bear volume going high... Bull volume going low.

Very strong red days and already trading below EMA21.

Based on EW Theory, this is a Flat or Irregular Correction.
It is "irregular" because wave b ends up as a higher high compared to the start of wave a.
The count goes 3, 3, 5 and after the correction is over, up again for months on end.

Chainlink grew since June more than 260%.
MA200 was conquered as resistance and now this level needs to be tested as support, to see if it will hold or will it break?

Regardless if it breaks or holds, the level needs to be tested, so we can expect a drop towards 9 before anything new can show on this chart.

The fact that people are complacent is a bearish signal.
People are never complacent at the bottom, always at the top.

When the "pop" happens, it is panic time... FOMO.
Sell everything... What is happening?! Nobody could predict this... What is going on!!!

Plan ahead of time.
Yes, hope for more, for higher prices... Hope for the best, yes!
But, prepare for the worst.

Namaste.