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chainlink link altcoin crypto danger
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Chainlink 2019 Gains in Danger, Massive Transfer of Wealth Incoming?

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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The crypto asset known as Chainlink or LINK, has been the talk of the cryptocurrency market for much of 2019.

The asset has strongly performed even while other altcoins struggled, and often outperformed Bitcoin at times throughout the year. However, the altcoin’s rally appears to be coming to an abrupt end, and it could end up being one of the greatest wealth transfers the world has ever seen once the resulting drop concludes.

Is Chainlink In Danger of a Deep Drop Ahead?

Chainlink started off 2019 at barely over a quarter per LINK. At its peak, the crypto asset reached as high as $4.80 on some exchanges, reaching a return of 1614% from trough to peak.

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Related Reading | Road To Riches: The Ups and Downs Of Going All-In On Crypto 

After Bitcoin peaked in June, so did Chainlink, falling to as low as $1.50 before rebounding once again. The bounce has taken Chainlink price to as high as $3.50 but appears ready for more downside in the days ahead, as bearish divergences are forming alongside a massive rising wedge, according to crypto trader Scott Melker.

$LINK (USD)

Danger, Will Robinson. Bulls want to see the ascending support of this wedge hold and will be looking for a potential hidden bull div (blue) to signal an end to the clear bear div. This is definitely the moment of truth (for now) for the USD pair. pic.twitter.com/qfYOj7VyI2

— The Wolf Of All Streets (@scottmelker) November 18, 2019

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Melker claims that bulls must hold the support of the ascending wedge to force the formation of a hidden bullish divergence to “signal an end” to the “clear bear div” on LINK/USD price charts.

On LINK/BTC charts, the altcoin versus Bitcoin has signaled a TD sequential “9” sell signal, further adding credence to the theory that Chainlink’s rally is in the final stages.

Analyst: LINK Selloff Could Be One of the Greatest Transfers Of Wealth

Another crypto analyst has superimposed Chainlink’s powerful rally over a Wyckoff Method schematic depicting distribution. Each increasingly higher peak on the LINK/USD chart appears to perfectly match with the schematic.

If the schematic, used accurately across many asset types for years and years, is accurate, it would suggest that Chainlink is about to enter a markdown phase now that buying has been exhausted in the distribution range.

I'm certainly no Wyckoff expert not my strength so take this meme with a grain of salt. If you know who the best wyckoff trader is tag them please. $LINK But just imagine for a second. Just… Imagine…. One of the greatest transfers of wealth taking place. No timeline pic.twitter.com/Vmq0zltLqk

— ₿ Pentoshi (@Pentosh1) November 18, 2019

Investors who purchased Chainlink at the start of the year near 28 cents are now selling the asset at extreme gains. As one crypto analyst points out, it could be one of the greatest transfers of wealth underway currently, right before the very eyes of crypto investors bullish on the altcoin.

Related Reading | Vast Majority of Crypto Assets Lack Enough Liquidity To Make Good Investments 

If Chainlink prices do fall from here, the asset would likely look to find support between 80 cents and below the previous support of $1.50 per LINK. If LINK/USD happens to break up, a retest of the former $4.80 high could be possible. Downside targets on the LINK/BTC trading pair would reside around 24,000 satoshis to as low as 15,000 satoshis, with upside targets possible of a new all-time high against Bitcoin above 40,000 sats. 

Featured image from Shutterstock
Tags: altcoinchainlinkcryptoLinkScott Melker
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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