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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Why This Blue Chip Cryptocurrency’s Parabola Is Approaching a Brutal End

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
cryptocurrency chainlink link

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Chainlink, the seemingly unstoppable superstar performer of the cryptocurrency market for nearly the last two years running, may be finally out of steam.

According to the asset’s price parabola, the long-standing uptrend could be approaching its end. If and when the parabola does break, massive profit-taking could cut the altcoin’s valuation down to size.

Chainlink’s Astronomical Rise to Blue Chip Status

From the very bottom of Chainlink’s 2018 bear market low, the altcoin had an incredible, over 2,300% climb to its all-time high price of just over $5 per LINK token on the LINKUSD pair.

Few cryptocurrencies have shown such strong performance since the cryptourrency bubble burst.

The cryptocurrency market standout closed 2019 as the industry’s top performer, beating Bitcoin, Binance Coin, and the few other winners of the overall bearish year.

The decentralized oracle focused altcoin was on fire and spreading rapidly. Chainlink became so popular due to its performance, it was voted the likeliest crypto asset to bring the best performance in 2020, just like the year before.

Related Reading | Poll Shows Crypto Investors Expect ChainLink To Be Top Performing Altcoin in 2020

They were right. In March 2020, the asset set its all-time high price record just ahead of the Black Thursday madness that wiped out cryptocurrency valuations.

Chainlink itself got caught up in the chaos, causing prices to flash crash to nearly zero on some exchanges. Bitcoin and other crypto assets also had historic meltdowns, all while stocks, precious metals, and other markets crashed in tandem.

The seemingly unstoppable altcoin rebounded nearly to the same level as before, but stopped short of another record, instead setting a lower high and kicking off what might be the start of brutal distribution and profit-taking after two years of solid performance.

What Goes Up Must Come Down: Cryptocurrency Superstar Could Soon Fall From Grace

Coinciding with the most recent top in LINKUSD and LINKBTC, each trading pair triggered a TD 9 sell signal, according to the highly reliable TD Sequential technical analysis indicator created by market timing guru Thomas Demark.

The tool has been highly accurate across many years of cryptocurrency market price action, calling many tops and bottoms before the trend changes occurred.

The most recent high set was also a lower high on both short and higher timeframes. The Black Thursday selloff also set a lower low. A lower high combined with a lower low is the exact definition of a downtrend, which may be just beginning and could soon pick up in severity.

Related Reading | Why the Crypto Market’s Hottest Altcoin Chainlink May Lose its Momentum

The earliest Chainlink investors bought into the asset at just 15 cents under two years ago. They are up in their investment still by over 2,000%, despite an almost dollar decline on the LINKUSD pair.

Any of these investors could begin to take profit as the first sign of a selloff, starting or even completing a distribution phase. Distribution phases, according to Wyckoff theory, follow accumulation and mark up phases, and is followed by a markdown phase. This is when asset prices fall to new lows.

The final straw breaking the camel’s back, is the fact that the asset’s long-term parabola is about to break down. This parabolic uptrend first began nearly two years ago, at the start of 2018.

chainlink parabola cryptocurrency

As we’ve learned by Bitcoin’s parabolic advance, when the advance is broken, the asset typically crashes by as much as 80% or more, according to data and performance expectations from industry experts like Peter Brandt.

An 80% decline from its all-time high, would take the price per LINK token to just $1 each. At that level, the asset would likely be reaccumulated before the whole cycle potentially restarts once again.

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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.

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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

Ad discliamer

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