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.