CHAINLINK PRICE PREDICTION 2023 (PREPARING FOR THE BULL MARKET) — Transcript

Full transcript

1. 0:01Hello everybody. I hope that you are
2. 0:02having a nice weekend. Bitcoin is really
3. 0:04not doing much because it's the weekend
4. 0:07and we also have the FOMC meeting on
5. 0:09Wednesday.
6. 0:10So the most likely thing is that we see
7. 0:12Bitcoin consolidating and ranging in
8. 0:14this zone until the FOMC meeting, okay?
9. 0:16So as I promised you guys, I think it's
10. 0:18time to chart some altcoins. And the
11. 0:20first one is going to be Chainlink
12. 0:22because I think the chart is looking
13. 0:23very interesting.
14. 0:25So if you guys would like me to chart
15. 0:27any other altcoin,
16. 0:28please let me know in the comments some
17. 0:30altcoins that you would like me to chart
18. 0:32for you.
19. 0:33Now, you have to keep in mind that this
20. 0:35video is going to be a bit different
21. 0:36because we're going to go with the
22. 0:37mindset of an investor that wants to buy
23. 0:40cheap and sell high or expensive in
24. 0:44higher time frame, okay? So it's kind of
25. 0:46like a preparation for the next bull
26. 0:48market.
27. 0:49That's what you have to keep in mind,
28. 0:50okay? We're going to stick to high time
29. 0:52frame, daily, weekly, monthly time
30. 0:54frame, and we're going to look for zones
31. 0:56of interest in the chart where you could
32. 0:58see the price of Chainlink heading to,
33. 1:00okay?
34. 1:02So the first thing to point out in this
35. 1:04chart is that we've been ranging here
36. 1:06for a year, okay? We started in this
37. 1:08range the 9th of May of '22. So now it's
38. 1:13basically 1 year of ranging here that it
39. 1:16seems that it's going to stay here
40. 1:17forever, but it will not. At some point
41. 1:20we'll break out, okay? So let's mark
42. 1:22this range, okay? I would say that this
43. 1:24is my low
44. 1:26Let me check and this should be my high
45. 1:30around here.
46. 1:32And you can see that well, this is the
47. 1:33middle of the range, okay? The Let me
48. 1:36mark it for you better.
49. 1:39Okay, that would be the middle of the
50. 1:40range and you can see that it's been
51. 1:42very easy to trade. It's basically buy
52. 1:44in this zone
53. 1:46and then sell
54. 1:47in this zone, okay? Simple. You can see
55. 1:51price goes again to the bottom of the
56. 1:53range, it bounces, and here you can get
57. 1:57a 75% what if you want to sell in the
58. 1:59middle of the range to be safe, that's a
59. 2:0113% happens again here. Well, in the
60. 2:04from the top you could you could go
61. 2:06short.
62. 2:07And that's another 20%.
63. 2:09We go again to the top.
64. 2:1120% in this zone goes to the bottom
65. 2:14again and you have two opportunities
66. 2:17to buy
67. 2:1933%
68. 2:20and here we have
69. 2:22another
70. 2:2350% okay? So, it's been pretty easy to
71. 2:26trade this so far. Basically, buy below
72. 2:30the middle of the range and sell at the
73. 2:31top of the range. Simple as that.
74. 2:34So, this has been a very nice zone for
75. 2:36swing traders especially, okay? For
76. 2:39trading this range. Now, if you're an
77. 2:41investor and you just want to buy and
78. 2:43hold
79. 2:44what are the good zones to buy? Well, I
80. 2:46think it's obvious that anything below
81. 2:49the middle of the range, so anything in
82. 2:51this zone here
83. 2:53is a good buy because I think we are now
84. 2:55around 90% down from at the highest. Let
85. 2:57me check.
86. 2:59Okay.
87. 3:0190%
88. 3:02Yes, we're 90% down from from the top.
89. 3:05So, if you're an investor and you
90. 3:07believe in the project, then this zone
91. 3:08here it's a good zone to buy. But, let's
92. 3:11go
93. 3:12a step forward and let's see if we could
94. 3:14buy cheaper.
95. 3:16We're still in the weekly time frame and
96. 3:18I think in my opinion that basically
97. 3:19what Chainlink is doing here is
98. 3:21retracing and recovering some imbalances
99. 3:24from that bull run in 2020, okay? You
100. 3:26can see this week
101. 3:28got retraced, another week retraced,
102. 3:30week retraced. And I think now the next
103. 3:33zone is this imbalance, this liquidity
104. 3:35pool, okay? And you can see this large
105. 3:37green candle that's already been
106. 3:39retraced, okay? Let me mark it for you.
107. 3:41Yeah, you can see that it's already
108. 3:43I think I would say a 50% of it has
109. 3:45already been retraced, but we still have
110. 3:47the other 50% that is this zone over
111. 3:49here.
112. 3:50What about if Chainlink wants to finish
113. 3:52this zone, okay? And make the move, you
114. 3:55know, we would also sweep the lows from
115. 3:57the range, you would have a beautiful
116. 3:58deviation.
117. 4:00And then if we bounce hard,
118. 4:02we could see breaking out from the top
119. 4:05of the range.
120. 4:07So, that's a plan that I have in mind,
121. 4:09okay? And trust me, at the moment, I
122. 4:12don't see Chainlink going lower than
123. 4:14this. It might, you know, it might go
124. 4:16all the way to this one over here.
125. 4:18Because yes, we have one more here.
126. 4:20Check this one.
127. 4:22That's around between three and two
128. 4:25dollars. Do I think it's going to go
129. 4:27there? I don't see that happening, to be
130. 4:29honest, because we've been ranging here
131. 4:31for a year. Bitcoin
132. 4:34dumped lower to 15k, and Chainlink
133. 4:37didn't lose that low.
134. 4:38Which is very interesting. But now,
135. 4:40well, I'm going to show you first that
136. 4:42chart with a correlation with Bitcoin.
137. 4:45Because Chainlink seems to do pretty
138. 4:46good in bear markets, and this This is
139. 4:48not the first time.
140. 4:50And also the Bitcoin dominance.
141. 4:52All right. Check this with me.
142. 4:55The orange line
143. 4:56is Bitcoin price action in the weekly
144. 4:58time frame, okay? Let me remove this.
145. 5:00And you can see that here, we have a low
146. 5:03that we were holding, okay? Same as
147. 5:05Link. We have a low here
148. 5:07that we were holding. But then Bitcoin
149. 5:10here lost that low, okay? This was the
150. 5:12FTX dump, okay? Lost that low and went
151. 5:16to 15k. Now, check what Link did.
152. 5:19You know, Link it was in this zone,
153. 5:21obviously dumped to following Bitcoin,
154. 5:23but didn't lose that low.
155. 5:25So, that's interesting, and that only
156. 5:27shows that Chainlink does pretty good in
157. 5:30bear markets, because, you know, if it
158. 5:32was a shitcoin or a weak asset, it would
159. 5:34just dump with Bitcoin and probably go
160. 5:36lower, like the rest of altcoins. So,
161. 5:38that's something pretty interesting.
162. 5:40If we check what happened previously in
163. 5:42the history of Link, you're going to see
164. 5:44something very similar, okay? That
165. 5:46happened right before this massive
166. 5:49impulsive move. Okay, this is uh
167. 5:521,100%
168. 5:55move. This is insane, okay? So, what
169. 5:57happened here, if you notice,
170. 6:00you can see that Bitcoin in this zone,
171. 6:03you know, made a new low. Check this
172. 6:05first. Okay, we have a low
173. 6:07for LINK here. Let me mark it better
174. 6:09with this which is a straight line. We
175. 6:10have a low for Chainlink, a low for
176. 6:13Bitcoin. Then, Bitcoin zooms lower. You
177. 6:17can see that
178. 6:18Chainlink follows,
179. 6:20but it doesn't loses the low.
180. 6:23In fact, it makes a higher low. So,
181. 6:25that's, you know, it's happened before.
182. 6:28And then, look at what happened after.
183. 6:30A bit of consolidation.
184. 6:32You know, Bitcoin recovered in that
185. 6:34time, and then Bitcoin shoot up, and
186. 6:37Chainlink did the same.
187. 6:39So, keep that in mind,
188. 6:41because that's a bit of confluence to
189. 6:42the story that maybe we've already seen
190. 6:45the bottom for LINK. And if it's not the
191. 6:47bottom, I don't think it's going to be
192. 6:48further from this.
193. 6:49So, what I want to say with this,
194. 6:51of course, is not financial advice, but
195. 6:54I think that this zone over here
196. 6:57it's a good zone if for holders to buy.
197. 7:00And also, I don't think it's going to
198. 7:02get to this, you know, $3. I don't see
199. 7:04that happening, to be honest. Who knows?
200. 7:06Okay, I'll leave it from the chart for
201. 7:07now.
202. 7:08But who knows, okay?
203. 7:10And then, we have this zone that I find
204. 7:12very interesting that is between $5.25
205. 7:17and $4.72, okay? That zone it seems very
206. 7:20interesting also. If we go to the daily
207. 7:22time frame,
208. 7:24okay, let me check this.
209. 7:26Okay. So, you can see that in this zone,
210. 7:28it could be retested as support. Let me
211. 7:30check this.
212. 7:32Okay, that would be my high. Yeah, I
213. 7:35would say that this this was a
214. 7:36resistance back in time.
215. 7:39You can see that here it got it got
216. 7:40rejected, and then,
217. 7:42you know, tested as resistance,
218. 7:43sell-off.
219. 7:45Massive sell-off. That was the COVID
220. 7:46dump, by the way.
221. 7:48And then it comes again here, another
222. 7:49sell-off.
223. 7:51And then it It takes time to work around
224. 7:53it, but then it finally it breaks out,
225. 7:55okay? And if you notice in this zone
226. 7:58pretty much fits
227. 8:00with this liquidity pool that we've
228. 8:01marked, okay?
229. 8:03The blue zone.
230. 8:04And that's around 481.
231. 8:07So,
232. 8:08I'm We might see Chainlink going here.
233. 8:11If it goes here,
234. 8:13again, this is not financial advice, but
235. 8:14yes, I'll be becoming an an investor
236. 8:17probably and I'll put my money there at
237. 8:19481 zone. You know, in this blue zone,
238. 8:23this would be a great zone to buy
239. 8:24Chainlink, in my opinion.
240. 8:27So, after I've went through, you know,
241. 8:29the potential buy zones for Chainlink in
242. 8:31my that are my opinion, my personal
243. 8:33opinion that are good, okay? And I
244. 8:34repeat, it's not financial advice. You
245. 8:36guys do what you want. If you want to
246. 8:37buy now or never buy, that's up to you.
247. 8:39But that's just my opinion.
248. 8:41In my opinion, it would be, you know,
249. 8:45the bottom of the range and this
250. 8:47liquidity pool that matches with this
251. 8:49previous high, you know, that hasn't
252. 8:51been tested as support yet, around 480.
253. 8:55But now the question is, can Chainlink
254. 8:57go there again? Can Chainlink go, do you
255. 8:59know, to $6, to 525? Can it go to 480?
256. 9:05I'll let's start with the EMAs, okay? In
257. 9:07high time frame,
258. 9:09I like the 50 EMA
259. 9:11that you can see that it was tested as
260. 9:14resistance, and then we saw a big drop
261. 9:16here of I think this was a 20% Yeah, 20%
262. 9:19drop, okay?
263. 9:21So, that's important. If we go to the
264. 9:22monthly time frame, the same thing
265. 9:24happening. Look how many rejections
266. 9:25we're getting at the 50 EMA. So, that's
267. 9:27clearly a resistance, okay? I would
268. 9:29mark, if I was you, the 50 EMA in your
269. 9:31chart for Chainlink, okay? Let's go
270. 9:34again to the weekly time frame.
271. 9:36Let's see what happens in the daily.
272. 9:38In the daily, we are also below it,
273. 9:41okay? So, right now it's not looking
274. 9:43great, but who knows? Things can change
275. 9:45very quickly. But, the moment,
276. 9:48you know, as long as you are below the
277. 9:49EMAs,
278. 9:51it's going to push you down
279. 9:53in principle.
280. 9:54Now, there's another EMA that I like,
281. 9:56that's the 20 EMA. I like this in high
282. 9:58timeframe.
283. 9:59And you can see that in the weekly,
284. 10:02previously, it got rejected a lot of
285. 10:04times here, happened here, too. Here
286. 10:07again. Here, it happened four times. And
287. 10:10then here we have a very nice zone that
288. 10:13we were working out how to get above the
289. 10:15fifth double the 20 EMA, and we did, but
290. 10:17it got never tested as support
291. 10:19successful, okay?
292. 10:22So, then we have a problem.
293. 10:24Now, we just lost the 20 EMA. This is
294. 10:26the weekly timeframe. The weekly
295. 10:27candlestick closes tomorrow.
296. 10:30Okay?
297. 10:31And the monthly timeframe, too.
298. 10:33So, I mean, the monthly timeframe,
299. 10:35nothing nothing we can do about it
300. 10:36because it's clearly below the EMAs.
301. 10:39But, the weekly timeframe, if we close
302. 10:42below the 20 EMA again, like for
303. 10:43example, as it is as it is now,
304. 10:46in principle,
305. 10:47it should be pushing us lower, okay? We
306. 10:50could be seeing something like this.
307. 10:53So, that's the first thing telling me
308. 10:56that yes, we could see again lower
309. 10:57price. We could still see $6, $6.30,
310. 11:00$6.40.
311. 11:01Okay? You know, $4.80 is still far away.
312. 11:03We'll see what happens. But, that's
313. 11:05where I want to take you
314. 11:07to the Bitcoin dominance chart. Let's
315. 11:09have a look. The Bitcoin dominance chart
316. 11:11is a chart that is quite misunderstood,
317. 11:13I think, for what I see in Twitter.
318. 11:16Because people are only looking at this
319. 11:17zone, okay? That is, we've been in this
320. 11:19zone for 2 years.
321. 11:22So, when we get to these zones, okay, in
322. 11:24the chart, let me pull a
323. 11:26resistance line.
324. 11:27When we get to these zones, you see
325. 11:29traders calling for an alt season. And
326. 11:32let me tell you, this is not an old
327. 11:33season. This is not an old season. This
328. 11:35is not an old season.
329. 11:38These are only rallies because this is,
330. 11:40you know, let me let me show you the
331. 11:42bigger picture.
332. 11:43Okay? Let me zoom out.
333. 11:46Okay? Where are the lows?
334. 11:48This
335. 11:50is an old season. This is an old season.
336. 11:53You know, this is the 2020-2021
337. 11:56old season. You can see that was an old
338. 11:58season that everything was pumping. You
339. 12:00know, you could see your portfolio
340. 12:03doubling every day almost. It was crazy.
341. 12:07But these are not old seasons. These are
342. 12:08only rallies. That being said,
343. 12:11let's go back to this zone. We can see
344. 12:13that we are in a big range here. We've
345. 12:16been ranging here for 2 years.
346. 12:19Okay? This would be my low.
347. 12:23And that would be my high. Now, there
348. 12:25are two potential scenarios that might
349. 12:27play out in in here, okay? The first one
350. 12:30is that we stay in this range like we've
351. 12:31been for the past 2 years and that we
352. 12:33fall again to the bottom of the range.
353. 12:36That could be the first scenario.
354. 12:38But I got to admit that this candlestick
355. 12:41is looking pretty good. Look at this.
356. 12:43We're having a candle close with the
357. 12:45candle body
358. 12:47above the resistance, which is pretty
359. 12:49good. I mean, still we have here to
360. 12:50clean this one.
361. 12:52Not going to lie.
362. 12:53It's not everything happy at the moment
363. 12:56cuz we still have this resistance that
364. 12:58we got right here.
365. 12:59Okay?
366. 13:01This blue line. But you know, we have
367. 13:03never done this, you know, above this
368. 13:05white line having a candle body closing.
369. 13:07So,
370. 13:08what about
371. 13:10if we see
372. 13:11the Bitcoin dominance is starting to
373. 13:13break out to the upside, okay? Imagine
374. 13:16if we see something like this
375. 13:18happening.
376. 13:19Okay?
377. 13:21Now,
378. 13:23in the monthly time frame,
379. 13:26in the monthly time frame,
380. 13:29that's the 50 MA.
381. 13:31Could that happen? Tell me why not.
382. 13:33Tell me why we couldn't see that
383. 13:35happening, okay?
384. 13:37And would that be bad for altcoins?
385. 13:39Look, let me show you this chart. This
386. 13:41is cycle, okay? I'm sure you've seen
387. 13:43this this image many times before.
388. 13:45But basically,
389. 13:46you can see here that when the Bitcoin
390. 13:49dominance increases, okay, doesn't
391. 13:50matter what Bitcoin does,
392. 13:53alts either are going to continue
393. 13:55accumulating, you know, it's quite
394. 13:56stable price action, or decreasing, or
395. 13:59decreasing fast. So, it's not good for
396. 14:00alts coins if the Bitcoin dominance goes
397. 14:02up, simple as that. Now, if the Bitcoin
398. 14:04dominance decreases,
399. 14:06that's going to be good for alts coins,
400. 14:08no matter what Bitcoin does, in
401. 14:10principle.
402. 14:12Because in principle, the alts coins are
403. 14:13going to be stable, or are going to
404. 14:15increase, or they're going to increase
405. 14:17fast, which would be an an alt season,
406. 14:19okay?
407. 14:20So,
408. 14:22keep that in mind. And you can see that
409. 14:23obviously this video my my channel is
410. 14:26not promoted by any coin, so
411. 14:29if I was promoted by Chainlink, I would
412. 14:30tell you, "Yes, we're going to go to the
413. 14:31moon next month."
414. 14:33But I want to keep it realistic, okay? I
415. 14:34want to keep your feet in the ground.
416. 14:37There might be some pain still ahead, so
417. 14:39get ready for that.
418. 14:42Obviously, you know, you could always
419. 14:44DCA to not miss the move. You could
420. 14:45already start to buy at the bottom of
421. 14:48the range.
422. 14:50But I have very clear that I have a
423. 14:52plan.
424. 14:54First, I want to see how the Bitcoin
425. 14:55dominance goes. Well, if we start to see
426. 14:58something like this,
427. 15:00then we're going to see LINK
428. 15:02going lower.
429. 15:04Okay? And then yes, if that happens,
430. 15:07and Bitcoin also
431. 15:09Look, Bitcoin dominance increases,
432. 15:11Bitcoin decreases,
433. 15:13this could be for example like a retest
434. 15:15of the 25k zone that many analysts are
435. 15:17calling for. If they are right,
436. 15:20which they usually aren't,
437. 15:22but if are right this time and Bitcoin
438. 15:23starts to decrease and they go to the
439. 15:2525k zone,
440. 15:27then the altcoins are going to decrease
441. 15:29fast. We're going to see a big dump. And
442. 15:32then it's when you could see
443. 15:33481
444. 15:35getting touched.
445. 15:36So, that being said, okay?
446. 15:39It's difficult to tell
447. 15:41where Chainlink could go to the upside.
448. 15:45But, I mean, if we have been
449. 15:47accumulating for a year, obviously, the
450. 15:50breakout is going to be quite intense.
451. 15:52And we're going to start to expect some
452. 15:54higher prices. Where to? Well, we're
453. 15:55going to start to notice the imbalances.
454. 15:58We'll have this one, for example, here.
455. 16:00That is 13 zone. And I'm noticing that I
456. 16:03think it matches with Yeah, it matches
457. 16:04with this week over here, okay? So,
458. 16:06that's pretty interesting. That's the
459. 16:08first zone where we could be taking
460. 16:10profits.
461. 16:11This is a a a different one. Look,
462. 16:13another liquidity pool. This is around
463. 16:1518 15. And then, of course, we have this
464. 16:19big boy over here. This massive
465. 16:22imbalance
466. 16:23between 20
467. 16:24and 25. So, that's pretty much all of
468. 16:27it, guys.
469. 16:28But, before I close the video, I want to
470. 16:30repeat that, you know, this is not
471. 16:31financial advice. It's my personal
472. 16:33opinion, my own analysis. You might have
473. 16:34a different one.
474. 16:36And it may be different from mine, and
475. 16:37that's the beautiful thing about
476. 16:39charting, that we might have different
477. 16:40opinions.
478. 16:42But, I think it's always good to be
479. 16:43prepared for both the scenarios.
480. 16:45You know, this might shoot up from here,
481. 16:48or it might drop lower to 480, or again
482. 16:51to range lows again. Why not? You must
483. 16:54be prepared for both scenarios.
484. 16:57That's the only way to trade. That's the
485. 16:59only way to stay in the game. So, that's
486. 17:01why I think you should also keep an eye
487. 17:04on the Bitcoin dominance chart,
488. 17:06and also in the 50-week EMA. Sorry, in
489. 17:09the 50-20 EMA.
490. 17:12Let's see how this week closes.
491. 17:14If it closes below it, we'll be favoring
492. 17:16lower prices in the short term at least.
493. 17:19But if it closes above it, then we're
494. 17:21going to start to see
495. 17:23some kind of consolidation again
496. 17:25between the 20 and the 50.
497. 17:27And then maybe the 20 starts to point
498. 17:30upwards.
499. 17:32And the 50 crosses.
500. 17:33And then we're going to start to see
501. 17:34something like this, okay?
502. 17:36But for now,
503. 17:38it's impossible to tell. We must only be
504. 17:40prepared for both scenarios. And then
505. 17:42guys, at least I hope that I entertained
506. 17:43you. Thank you for watching.
507. 17:45And I'll see you soon.