A Link Between Worlds Link's Bracelet

[Night Owl]

I'm leaning toward it being linked to The drawing mechanic as others have said. It also very well could be linked to the stamina/magic meter.
I wonder if the bracelet is a relic from that world that was brought into Link's somehow?

I wonder what the item will be called...
Maybe the Doodle Bracelet, Augmented Armband...
good ole Power bracelet perhaps?