Benjamin Cowen, a popular Youtube crypto analyst, takes a look at the chart of the LINK/BTC pair to analyze the latest trend in oracle network Chainlink (LINK). According to the analyst, the altcoin may be in a position to initiate a bull rally against BTC. In this article, let’s take a look at Cowen’s trend analysis in his latest Youtube video.
Bottoms confirmed for Altcoin Chainlink (LINK)?
Benjamin Cowen, 685,000 YouTube subscribers, said in a recent strategy session that Chainlink is “light” as the current selling pressure spreads across the market. According to the analyst, Chainlink’s performance is inversely proportional to Bitcoin’s (BTC) price action. Cowen shared the following trend analysis during part of the session where he looked at the LINK/BTC chart:
One of the things we asked ourselves in 2019 and 2020 was that we knew LINK was doing well when Bitcoin was in a downtrend and Bitcoin was going sideways. But we don’t know what LINK will do when Bitcoin is on the rise. Now we got the answer to the question. All questions are now set aside if we didn’t know before. If Bitcoin is bullish, LINK/Bitcoin will most likely bleed.
cryptocoin.com Cowen also says that with Bitcoin’s approximately 40% pullback from ATH of $69,000, Chainlink is now in a position to initiate a bull cycle against the leading cryptocurrency (LINK/BTC):
You can see that we’re really falling apart (LINK/BTC). We broke up. If we look at it at log scale, it looks like this. So even if you look at the market that way, you can argue that we’re still broke even on a log scale. Now of course we want to see the weekly closings. We don’t want it to be just a wick.
- Chainlink (LINK), the 16th-largest cryptocurrency by market capitalization, is trading around $27 at the time of writing, continuing its 40% weekly candle gain on Cowen’s chart on Jan.
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