Chainlink is trading in the red at 14.180 at the time of writing. It has turned to the downside in the short term as Bitcoin crashed after the last rally. BTC/USD's deeper drop could force the altcoin to approach and reach new lows.
The altcoin is down by 4.94% in the last 24 hours and by 1.51% in the last 7 days. Still, Bitcoin's upside continuation after ending its drop should help the altcoin to jump higher as well.
ChainLink Up Channel!
As you can see on the H4 chatr, Chainlink increased within an up channel. As long as it stays above the uptrend line, the bias remains bullish.
Technically, the false breakouts through the channel's upside line signaled exhausted buyers in the short term. The former low of 13.860 stands as a critical support.
Chainlink Outlook!
Dropping and stabilizing below 13.860 former low and below the uptrend line activates more declines. This is seen as a selling opportunity.
On the contrary, a new higher high activates further growth.
