Hello Crypto Friends!

Just a quick update on this update (haha) - BTC and Chainlink update

Lets look at BTC first -

On the daily, we are still below the 21 EMA. 

On a quick sidenote, i normally do not trade on the weekend unless i have nothing else to do and a there is a quick trade staring me in the face.

This is because the weekend has low volume and we normally see a counter trend to what has been happening in the week. The chart normally disregards any price action from the weekend. As we can see here, BTC regained the 21 EMA for one day, then instantly dropped below it again.

Currently $9550 is the neckline, i would expect this to get broken soon, with a test of the 55EMA in sight, A bounce from there to retest the neckline before further downside commences.

4HR - 

The Head and Shoulder pattern is almost complete. We can see the 4hr 200MA has been the support/bounce area. This is now lining up with the neckline. The measured move from the pattern is around $8560. We can expect a heavy selloff once the 200MA has a 4 hr candle close beneath it.

Chainlink. -

The descending triangle has broken down. There is support currently at this level, however it has lost the 100 MA on the 4 hr.

I would expect a retest of the 100MA which will line up with the bopttom of the triangle. From there, i think chainlink will look to test the 200MA which lines up with the measured move from the pattern.

I hope this helps!

Happy Trading!!