Topic: Chainlink (LINK) is about to end the model editing period (Read 58 times)

LINK 74% off from ATH
LINK has been falling since hitting an all-time high of $53 on May 10, 2021. The price initially rallied and consolidated above $25 for a period of almost six months.
However, the downtrend resumed on January 21, leading to a low of $11.43 on February 24. Although the price has rebounded, it has yet to initiate a significant reversal. .

Measured from an all-time high, LINK is down 74%.
Future movement. Since November 10, LINK has been trading inside a descending wedge. The descending wedge is considered a bullish pattern, suggesting that a breakout would be the most likely scenario.
More importantly, both the RSI and the MACD produced significant bullish divergences (green line). Such sharp divergences often herald a trend reversal to the upside. Therefore, LINK could see such a reversal.
If a breakout occurs, the nearest resistance will be at $28. This is the horizontal resistance and the 0.618 Fib retracement resistance.

Counting waves

The entire downward movement since the all-time high in May could be an A-B-C (black) correction structure. If so, the price is currently in wave C.
In structure, wave A:C has a ratio close to 1:0.618, the second most common in such structures, after the ratio 1:1.
Wave C has the shape of an ending crossover, usually followed by a rapid reversal.
A breakout above the descending wedge will confirm that the wave count is correct and that a long term bottom has been made.