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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Chainlink (LINK) Signal Returns That Prompted 14,000% Surge

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
Chainlink

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Chainlink (LINK) was among a subset of cryptocurrencies that made a lower low on daily timeframes recently. A lower low is indicative of a continued downtrend and weakness at support.

However, on higher timeframes, technical tell a very different story — one of possible strength building. In fact, a signal has appeared that the last time around prompted a 14,000% rally in LINKUSD.

High Timeframe Bullish Confluence Hints At Surprise Chainlink Recovery

Chainlink (LINKUSD) remains down more than 80% from its former all-time highs. Worse yet, after a full year at bear market lows, the range broke down temporarily forming a lower low on daily charts.

In technical analysis, higher timeframes provide more dominant signals. And although there was a lower low made on the daily, the monthly timeframe did not make a lower low on a closing basis.

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On top of being a possible range deviation and reclaim, the monthly candlestick formed a dragonfly doji. A dragonfly doji In Japanese candlestick analysis represents a possible bullish reversal pattern.

Within even lower timeframes, Chainlink was among a slew of altcoins they formed a different bullish Japanese candlesticks reversal pattern on weekly timeframes, called the morning star pattern.

Chainlink

Will a similar trend follow? | LINKUSD on TradingView.com

A LINK To The Past: Oversold Stochastic No More

If bullish range reclaim on low timeframes, and a pair of higher timeframe Japanese candlestick reversal patterns aren’t enough confluence for you, there’s more.

The one-month Stochastic has left oversold territory for the first time since late 2021. The indicator spent all of 2022 oversold, and halfway through 2023.

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Prior to that, the last time Chainlink left oversold conditions was back in early 2019, before going on an over 14,000% run. The signal is back and in alignment with the potential reversal patterns from above.

Meanwhile, Bitcoin and other cryptocurrencies have enjoyed much more of a recovery by comparison. The broader trend turning around more clearly could remove whatever doubt is remaining surrounding LINK, allowing the altcoin to return to its former glory days.

This chart originally appeared in Issue #10 of CoinChartist (VIP). Sign up for a free subscription.

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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