Welcome to the latest update on LINK. Despite Bitcoin's slight upward movement, LINK has been experiencing a downward trend, debunking the myth that altcoins always follow Bitcoin's trajectory. Currently, LINK is giving us the anticipated pullback discussed in the previous update.
Key Points:
Recent Trends: LINK has completed a five-wave pattern to the upside around March 10th, reaching approximately $22-$23. Since then, the market has been moving downwards in a WXY structure. The W wave bottomed on April 13th, and the X wave peaked around May 30th. The Y wave is currently in progress.
Fibonacci Levels: The significant Fibonacci retracement levels are crucial to watch. The 12.76 level has been tested multiple times, offering opportunities for profit-taking. However, there is no confirmation yet that the wave 2 correction is complete.
Market Dynamics: The market dynamics suggest a potential for unexpected shifts. One scenario involves a small B wave rally, which could push the price into the $1.57 to $7.69 region. For this scenario to materialize, the price must hold the $12.67 low and break above the $14.82 swing high.
Potential Outcomes: There are two main scenarios being tracked: one where a B wave unfolds and another where a B wave forms as part of a triangle. In both cases, the price might reach around $10.10, a key target previously discussed.
Bullish Scenario: For a more bullish outlook, LINK needs to rally in five waves and break above $7.69. Without this confirmation, lower prices remain more probable.
In summary, while there is potential for a B wave rally, the overall trend suggests caution. Key support and resistance levels will be critical in determining the next moves.