There are signs that LINK wants to reverse lower after the show-stopping rally seen over the past month, which has brought the asset to $20. The asset at $20 trades at an all-time high, far above where it was just months ago.
According to a Telegram channel tracking signals formed by the Tom Demark Sequential, Chainlink is printing a reversal signal on a weekly timeframe.
The channel in question shared the chart below on Monday morning; it shows that LINK has formed a “sell S-13” candle on its weekly chart against BTC. This should precede a reversal to the downside.
The Tom Demark Sequential is a time-based indicator that forms “9” and “13” candles when an asset is poised to reverse or experience an inflection point in its trend.
Chart of LINK's price action against the dollar over the past few months from a Telegram channel tracking the Tom Demark Sequenital indicator.Chart from TradingView.com
As an important aside, Tom Demark Sequential “9” candles were also registered on LINK’s daily chart against the dollar. The same signal also formed against Bitcoin, further adding pressure to the leading cryptocurrency.
This isn’t the only signal suggest Chainlink will retrace. As reported by
