Sell Setup Perfected With Chainlink’s Latest Pump To A New Record High

Tony "The Bull" Severino

4 years ago

3 mins read

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Although Bitcoin still can’t break above $10,000, nor can Ethereum overtake $250, Chainlink continues to set new record high after high. Even today, the crypto asset keeps raising the stakes on its all-time high.

But as new highs are set, the price action has not only triggered but perfected a sell setup on monthly timeframes. Could this latest high be the last for the superstar altcoin for a while?

Chainlink Sets Yet Another New All-Time High, What Will Stop The Altcoin Superstar?

Cryptocurrencies remain stagnant, unable to break above long-term resistance nor have any new lows been set. The only highs and lows Bitcoin is setting currently, are for record-high stability and low volatility.

Meanwhile, Chainlink, a seemingly unstoppable altcoin just set yet another new all-time high. The asset was also the best performing crypto asset last year, and investors fully expect a similar performance this year.

Thus far, they’ve been right. Chainlink sets new record after record, both on the LINKUSD and LINKBTC trading pairs.

In 2020 alone, LINKUSD has surged over 200%. On the LINKBTC trading pair, Chainlink is up over 140% against Bitcoin in 2020, showing strong overperformance.

The rest of the altcoin space has bled out against Bitcoin, but Chainlink has held strong. However, that may soon be coming to an end, just as other altcoins break out from downtrend resistance.

Chainlink Monthly TD 9 Sell Setup | Source: TradingView

Correction Overdue For Ultra Hot Crypto, According To Sell Setup on LINKBTC

Just as LINKUSD set a new all-time high this month at $5.70, LINKBTC also set a new all-time high at 61000 satoshis. However, the high isn’t all high fives and celebrations – it could kick start profit-taking in the altcoin.

The TD Sequential indicator was created by Thomas Demark. The tool is used for market timing, and follows a specific sequence of candles until either a 9 or a 13 count is reached. At that point, depending on the direction of the price action, a buy or sell setup is issued.

The latest pump in Chainlink has perfected a TD 9 sell setup on the LINKBTC trading pair on monthly timeframes. The highest timeframes are given the most weight when it comes to signals.

These signals are considered “perfected” when the 9 candle achieves a higher high or lower low than the previous four candles. Rocketing to a new all-time high makes the signal all the more likely to confirm.

What the indicator doesn’t provide, is what level to sell at. Chainlink is in full price discovery mode and could soar far higher before the month-long sell setup should be taken.

When the final high is reached, however, extended downside against Bitcoin is highly probable given how accurate the TD Sequential indicator has been on cryptocurrencies.

It’s worth noting, however, that the previous TD 9 sell setup on the monthly was followed by an over 200% rally in the month following. Anything is possible in cryptocurrencies when there’s no resistance to stop them.

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.

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.

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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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