Technical analysis by Phillipklh about Symbol LINK: Buy recommendation (12 hour ago)

After an astronomical gym session, I am now happy to review Chainlink to you! Due to a negative macro outlook short-term, Altcoins and Bitcoin dropped in the beginning of the week and will be dropping further throughout the week. Looking at the structure I am considering the current movement to be part of a larger correction of the supercycle wave 2, were we are internally at the wave c on the cycle and in the fifth wave in the primary cycle. For now we technically reached the first price target for short fifth waves, but since I expect Ethereum to also go down I believe we are gonna drop to the 0.382 extension level of the fifth wave, at $11.57. On the way there we are going to fill a lot of orders as the orderbook shows a lot of them, also at the price target. As we go down I do not recommend opening short positions because a lot of people will call Altcoins and the Alt-Season dead, leading to a lot of shorts and a gradually increasing chance of short-squeezes. The bottom could be in if funding rates on the daily turn negative, and RSI enters oversold areas on the 2 week chart. This thesis also gets supported by the VIX, which is rising and therefore indicates a risk off sentiment and the USDT dominance chart as it rises also and gets near the top. I urgently need to point out that at this point an ending of the downtrend gets more possible the lower we fall. Buying here is a great opportunity and the lower we get the more the effect of dollar cost averaging comes into play.