After the major bearish divergence on the RSI and MACD Histogram, ChainLink has retraced to the 21 weekly EMA (yellow), currently hovering just below it. Looking at the decreasing volume and the increasing bearish MACD-Histogram, it is quite possible for us to revisit the 55 EMA (blue). If this happens, we might form in the coming months an ascending triangle, which might result in a further price spike in Q2 2020.
A closer look at this market show us that we're now finding support at the 200 day MA but are squeezed down by the 0.5 Fibonacci retracement. The 21 & 55 day EMAs are also approaching, which will result in a further resistance level. Despite the shy bullish MACD cross, the volume is low and the bulls are not here yet. Breaking the 200 day MA (grey) would bring us to the Fib. golden pocket (0.618-0.65 range) and perhaps even at the 0.786, which will perfectly align with the 55 weekly EMA, at 20000 sats.
On the /USD chart we are right at the 233 EMA, squeezed down by the 21 EMA. Despite the MACD bullish cross and the several RSI bounces at the lower reference line, the volume in this market is also low and it is possible for us to correct further more. To 'get bullish' again, we'll need to gather some momentum and re-cross the 200 day MA (grey).
