Chainlink Is Poised to Drop Further: TD Sequential
Chainlink is sliding lower after an attempted bullish reversal. The crowd-favorite crypto asset is down 5.5% in the past 24 hours, sliding back below the pivotal $15 support. LINK now trades for $14.93.
The Tom Demark Sequential suggests that LINK has further to fall. According to a Telegram channel tracking Tom Demark Sequential signals, Chainlink has formed a “Sell S-13” on its weekly chart against the dollar.
The Tom Demark Sequential forms “9” and “13” candles when an asset is at an inflection point in its trend.
Chainlink is likely to experience a multi-week correction should the indicator’s accuracy for the asset continue.
Chart of LINK's price action against the U.S. dollar since the start of 2019 from a Telegram channel tracking the Tom Demark Sequential. Chart from TradingView.com
As can be seen in the chart above, the Tom Demark Sequential has had immense accuracy in predicting LINK’s price action on a weekly time frame.
Sequential “9” candles marked three separate local highs in the price of the cryptocurrency over the past two years: once in June 2019, once in February 2020, and once when LINK reached an interim top in the middle of May.
Technical Analysts Agree With the Tom Demark Sequential
Technical analysts agree with the bearish sentiment implied by the Tom Demark Sequential’s formation of a “Sell S-13” candle for Chainlink.
Bitcoinist analyst Tony Spiltoro also recently found that Chainlink’s on-balance volume indicator recently broke below a multi-month uptrend. The indicator tries to observe price action in relation to market volumes in a bid to determine trends.
Photo by Tengyart on Unsplash Price tags: linkusd, linkbtc Charts from TradingView.com This Indicator Is Still Adamant Chainlink (LINK) Is Poised to Drop Further
Originally from Bitcoinist.com https://ift.tt/32iDloH
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