$BTC is coming down. $ETH is holding up nicely, which is great.
There are 3 zones for me of interest and all of them have a non-zero chance of happening.
1 - Sweep of $87.8K and bounce back upwards. Given the fact that there's a CME Gap to $90.4K, I would suggest that this level has the highest percentage of happening.
2 - The sweep at $83.8K, I don't give this the highest chance of happening, as I think that we'll likely just go all the way down towards the lows if markets are providing this trend.
3 - A double bottom retest.
Technically, if $86-87K doesn't hold as support during this correction, then we're likely going to be getting that double bottom retest as a Christmas present.
Chainlink (LINK) Daily Update
Wave 4 in Play, Key Resistance and One More Low Still Possible
Key Resistance Zone to Watch The current Wave 4 bounce on $LINK is approaching a clearly defined resistance area between: $14.03 $17.30 This zone is important because it represents the area where price could get rejected and resume the broader corrective move this is a region where sellers may step back in if the structure remains corrective.
Bigger Picture Outlook Only a very small number of charts currently suggest that a meaningful market low may already be in place. That said, the market does appear to be approaching an area where a low could form. A sustained upside breakout is not expected this year. Toward the end of the year, liquidity typically decreases as participants step away from the market. This environment often leads to prolonged consolidations rather than decisive moves. Wave 4 corrections frequently develop during this time, which aligns well with the current market behavior. Elliott Wave Structure and Possible Triangle The entire corrective move on $LINK can be interpreted as part of an Elliott Wave triangle, although alternative counts remain possible. If price makes another low, the next major support area sits around $10, which corresponds to the April swing low. If price instead breaks decisively above $17.30, it could open the door for a move toward the upper boundary of the larger range, currently projected around $26 to $27. Precise levels will become clearer if and when a breakout begins. Short-Term Structure and Near-Term Levels
On the lower time frame, $LINK shows a structure similar to many other altcoins. While a higher high has already formed on December 9, the Wave 4 structure still appears incomplete. The move from the November 21 low is best viewed as a W–X–Y correction, with the Y-wave unfolding as an A–B–C structure. The B-wave may still be developing. The initial move higher was clearly a three-wave advance, suggesting a corrective structure rather than impulsive strength. This keeps the probability of another C-wave decline elevated. Support Levels to Monitor If the expected C-wave decline continues, key support lies between: $13.22 $12.35 The $13.20 area stands out as the most immediate support. One more low remains the higher-probability scenario unless price breaks above the recent swing high near $14.35. Volatility often increases late on Sundays, so short-term price action may already be in motion by the time this is read.