Which may not hold if BTC moves even lower to around 8300-8100 usd level. If that happens we will definetly see LINK at $ 1.7 or lower.
Indicator is showing us, that we are about to cross down from moving average, which is not a good sign.
But is showing that we are reaching oversold positions at 3 day frame and we may soon see a push upwards. It may very well happen at previously mentioned support point (at 2.0400-2.0200 price range).
Ofcourse it already did, for short period of time, but it bounced back... weak bounced.