Hello Crypto Friends!

As promised yesterday in my BTC analysis i am doing an update on Chainlink. You can find it here.

Lets look at the weekly-

Last week i pointed out the double bottom that could take place around the $1.50-$1.70 mark. We got that, and had a very nice bounce.

However we just put in a Big Doji candle, which shows indecisiveness in the direction. You could also argue it means reversal is coming., The wick almost touched the 618 fib and 13 EMA. 

We can see the 13 and 21 EMA are looking to cross. When this happens i expect price to be drawn into the cross. Which in turn would break this falling wedge pattern most likely.

Lets look at the daily-

We could not close a candle above the 786 fib, and got rejected on the 13 EMA. It looks like it wants to come back down and test the $1.70 mark again. This could print divergence on the RSI and MFI. 

It looks like we are in accumulation phase. I would be surprised if price fell below the $1.50 mark. 

Looking for a break out in April sometime.

Quick look on the 4 hr-

We had a rising broadening wedge, which has now broken. The measured move is around $1.60. The 13 and 21 EMA have crossed bearish and acting as resistance. We have a downwards trend line appearing, i would look for this to break before entering a long position. 

The RSI is currently testing a support trendline. I will keep and eye on this , once it breaks, we could come down to previous lows on price and a higher low on RSI, giving us that 3rd divergence for a bullish breakout. 

Also we can see on my btb indictaor that we are still in accumulation, when this flips green we can look for a nice rise in price.

Happy trading!