LINKUSD - Burnout or Boreout?

Welcome back guys!

• Prices below 5$ are a matter of time
  
  
• LINK could be a rising star in the next bullrun.
  

First, I want to thank everyone who left a comment in the last bitcoin & ethereum updates and to the people who reached out to me.

Today we are going to discuss one of the more "problematic" altcoins which formed rather difficult wave structures but might be a great catch for the next bullrun.
I personally believe that most altcoins won't ever come back and will slowly cease to exist... (You can probably think of several - I am going to post about this in the future!)

Chainlink suffered a steady decline in the last weeks and yesterday we finally broke below the last minor support @5.525$. Many other traders hoped that chainlink would establish a bullish wave 1 - wave 2 structure, but sadly this is clearly invalidated as of now.
Additionally, chainlink moves in a horizontal channel with a low @5.286$ that we formed back in June. To be honest I was very optimistic back then that a final bottom could be "priced-in" but this long sideways trend gave me serious doubts that the bear market could be over.

I expect that chainlink will continue to decline in the next weeks and traders have to face that we are going to reach prices under 5$ eventually, beginning with the june low.
Note that we are in a difficult situation regarding a possible bottom target, but it's safe to say that chainlink will reach it's final bottom most likely between 4$ and 2$.
The red wave 3 can already be finished at the 1.272 and i personally don't expect that chainlink has a chance of reaching its 1.618 extension.

We can't expect a bullish reversal as long as we are trading below the green dotted lines @7.808$ and @9.480$.....
Of course, I understand that most people are done with this coin because of their controversial staking project and the absolutely devastating crash since the last all-time high at 52$.

However, I believe that chainlink is one of the few altcoins which has a reasonable chance to shine in the next bullrun.

Our long term target of 90$ is no joke!

Please let me know if you want to hear about future price targets or other altcoins!




Greetings

Benjamin Mendenmein