Trader Says Chainlink (LINK) Flashing Short-Term Bullish Signal As Crypto Market Tracks Sideways

Trader Says Chainlink (LINK) Flashing Short-Term Bullish Signal As Crypto Market Tracks Sideways

A popular crypto trader says the decentralized oracle network Chainlink (LINK) is flashing a short-term bullish signal.

Ali Martinez tells his 59,300 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal for LINK on the daily chart, which he says suggests “a potential one to four-day upswing.”

Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.

Source: ali_charts/X

LINK is trading at $13.81 at time of writing. The 18th-ranked crypto asset by market cap is up more than 4.5% in the past 24 hours but down nearly 21% in the past week.

Martinez also updates his outlook on Bitcoin (BTC), suggesting that the top crypto asset still has room to tick upwards in the current bull market.

“Each Bitcoin bull cycle goes through a euphoric phase, signaling a market top. BTC has yet to see that euphoria in the current cycle!”

Source: ali_charts/X

Martinez also notes that more than 27,700 BTC worth around $1.72 billion flowed into accumulation addresses when the top crypto asset dropped below $63,000 this week.

Source: ali_charts/X

Bitcoin is trading at $63,262 at time of writing and is up more than 3% in the past 24 hours. It remains down nearly 10% in the past seven days.

Generated Image: Midjourney

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