✳️ Chainlink | Is The Correction Over? (Name Your Altcoin #17 ✅)

7 Feb 2023

Is the correction over?

That's the first question that comes to mind when looking at the Chainlink vs Bitcoin (LINKBTC) chart.

A major uptrend developed after the May 2022 low that peaked early November.

In December a lower high was hit followed by a strong correction.

Few signals point to a potential end of this corrective wave.

• 1) Trading volume has been on the decline. Bear volume peaked in November and has gone much lower.
  
  
• 2) RSI Bullish divergence. The RSI hit bottom in December yet LINKBTC continued to hit new lows.
  
  
• 3) Back above 0.618 Fib. Prices went below the 0.618 Fib. retracement level for the May-November bullish wave. Today, LINKBTC is moving back above this level. This is a strong bullish signal if it can stay above it.
  
  
• 4) Other BTC pairs going bullish. Across the market, many of the altcoins vs bitcoin pairs have gone bullish with some going green 3 digits within a single day.
  
  
• 5) EW Flat. We have a perfect flat correction, 3-3-5. Signaling the potential end of the current move.
  

A reversal can happen here.
A higher low would lead to a higher high, let's find the next target.

Found, 0.00070782 for 130%.

Namaste.