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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Chainlink Peak Mimics Wyckoff Distribution Schematic, Altcoin Selloff Could Accelerate

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
crypto chainlink altcoin

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The cryptocurrency altcoin known as Chainlink has had a banner year, bringing investors in the project gains of over 1,100% from trough to peak.

However, a violent selloff has begun in the asset, with investors taking profit following incredible returns it amassed throughout the year. The price action closely mimics a Wyckoff distribution schematic that suggests the selling will continue in the foreseeable future.

A Look Back At The Altcoin’s Year of Strong Performance

Ever since the crypto hype bubble popped, stories of crypto investors becoming rich overnight have all but dried up and have become little more than myths or fairytales harkening back to the days where irrational exuberance took control over the mainstream public.

But every now and again, an altcoin will come along that disrupts the industry and shocks the crypto community with massive gains. This year’s poster child for crypto moonshot is none other than Chainlink.

Related Reading | Ripple and Stellar Lead List of Worst Performing Altcoin Assets Year To Date

Starting off the year, talk of Google utilizing the altcoin got the world buzzing and the price skyrocketing.

Chainlink began 2019 at a price of roughly 29 cents per LINK token, and shortly after ballooned to $3.70 each. As is the case with any parabolic rally, the asset had a deep correction, but later found support and rallied once again.

After setting a third and final top, the crypto asset has been on a steady descent, and according to a comparison with the Chainlink price chart and a Wyckoff distribution schematic, the selling may only just be starting.

https://twitter.com/moe_mentum_/status/1201755088815054848?s=21

Wyckoff Theory Suggests Chainlink Distribution Has Only Just Started

According to Wyckoff theory, created by iconic analyst Richard Wyckoff, financial assets go through four distinct price action phases: accumulation, mark up, distribution, and mark down.

The accumulation phase would have occurred while Chainlink was at low prices near its bottom at the start of the year, and the mark up phase would have followed, taking the price of the asset to its all-time high.

But once it got there, profit-taking turned the tides, the trend reversed, and a selloff is now underway. If distribution is now in full effect, Chainlink’s price should continue to drop for the foreseeable future in a mark down phase.

Related Reading | Chainlink 2019 Gains in Danger, Massive Transfer of Wealth Incoming? 

And with investors with so much room overhead for the asset to drop and still sell at a profit, the distribution could go on for a long time, until the asset’s price becomes attractive enough for altcoin investors to begin to re-accumulate once again.

Chainlink is currently trading at $2.09 cents, according to CoinMarketCap, down from its all-time high of $3.70 at its peak.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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