Hello Crypto Friends!

Lets have a look at what has happened since the last update -BTC & Link

So Last time BTC was doing this -

lets pull up the current chart -

I have removed the topside of the predicted wedge, as that has been invalidated. Not because we have broken out of a wedge, because the volume is still dropping off.

There was RSI divergence, which is playing out right now, however i expect this to turn into hidden bearish divergence, as we are not making higher highs in price, whilst the RSI is still moving upwards. 

Lets zoom out to the daily, i think this shows a better picture-

Right now we are testing the 200 MA. We can see the 13 EMA is crossing the 55, when they cross like this price tends to move into the cross.

A couple more days and we will see the 21 crossing too, and it won't be long until they all start to reach the 200.

Also note we have been supported by the 0.5 fib for now.

I think tomorrow will be a day of volatility, and price could fluctuate in both directions. 

The target has still not been met, and this could take some time.

Many people might say this is the correction, we are good to go up again now and they could be right. However i believe we will see the $7000's.

I will change my mind if i see clear higher high's and higher lows appearing on the chart.

Chainlink!!-

Last time i said we could see this wedge form and play out, but as with BTC my prediction was off..........

Well, to an extent. You could actually say that was a wedge and it broke out, the volume spikes/ the backtest of the trend line etc.

But boy oh boy, Link has been a top performer, and showing strength! Whilst the rest of the market crashes, Link says "No! i shall not fall!"

I can't wait to see where this goes in the future, once BTC and the rest of the market starts its Big Bull Run.

Anyway back to analysis -

Chainlink is in a clear channel.  I do expect more downwards action until this channel breaks. Maybe it will make its way down to the trendline slowly and make a double bottom before starting the uptrend again.

It has bounced between the 4hr 200 and 100 SMA's. currently below the 100 (red line).

We can see the 55 on the daily was the bounce area, and price is living above the 13 and 21 currently. 

So i think the channel is the one to watch, as well as keeping an eye on the 55 EMA. These are the key areas. I don't see Chainlink making new highs whilst bitcoin is dropping though.

Hope this info is useful.

Happy Trading!