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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Smart Money Indicator Signals Bitter End To Chainlink Uptrend

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
chainlink smart money indicator

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Chainlink has been the highlight of the crypto market for the last few years. It is about the only asset setting new record high after high. Meanwhile, the rest of the asset class is down between 40% to as much as 90% or more in some cases from their peaks.

However, an indicator that spots behavioral patterns by “smart money” may be signaling that Chainlink’s uptrend is over for good. Or at least until a strong enough correction makes prices attractive once again. Here’s what to expect if the indicator happens to be correct.

Chainlink Correction Becomes More Likely As Indicator Uptrend Comes to a Finish

Prior to the crypto bubble popping, crypto investor success stories were a dime a dozen. New millionaires were popping up nearly as fast as new ICOs were.

But after the bubble burst and valuations came tumbling back to reality, those success stories have been few and far between. In fact, many of them turned into horror stories, where fortunes on paper evaporated into realized losses and people panic-sold.

Related Reading | Easy Money? Coinbase Crypto Coins Grow Over 50% On Average In August

Chainlink is one of the very few new fortunes made since then. Both dumb luck and smart money bought Chainlink early, and have profited handsomely.

But the rally appears to be peaking, and profit-taking about to begin. An indicator that could assist analysts in watching what smart money does to take action may be giving a strong tell that Chainlink’s correction is about to get violent.

On-Balance Volume: The Smart Money Indicator That May Be Calling LINK’s Peak

If you’ve been around investing or trading, it is likely you have stumbled upon the term “smart money.” It’s understood to reference high-wealth whale or institutional money, but more importantly, those with the skills and experience to know when to move before the market does.

Related Reading | Look Out Below: How Far Can The Chainlink (LINK) Crash Go?

Trading indicators often only give signals after something has happened. The On-Balance Volume indicator, however, was designed to track what smart money does, and therefore give an early signal as to what type of price action to expect.

The tool is based on the theory that volume precedes price, and after a strong rise in volume, often comes and equally strong price movement. The OBV indicator translates this volume into a visual line chart, that analyst can draw lines across for technical analysis.

 chainlink linkusd

LINKUSD On-Balance Volume Daily Price Chart | Source: TradingView

This particular indicator might be suggesting that so-called “smart money” is selling their Chainlink ahead of a massive drop and markdown. This is all according to LINKUSD losing an uptrend line on daily OBV dating back since Black Thursday.

On Black Thursday, LINKUSD flash crashed to $0.001 on some exchanges. Those who caught that bottom made an absolute killing. Even anyone who bought at normal prices that day has over 10 times their gains if they sold the top.

With so much money in profit, smart money is preparing to take some off the table before the wheels come out from under the rally. The cryptocurrency could fall as deep as $7, or as low as $4 from before the asset took off into price discovery.

 chainlink linkusd ihs

LINKUSD Possible IHS Reversal Pattern | Source: TradingView

A bounce at $7 first, could act as a catalyst to crash even lower, taking LINKUSD down to just $4 per token. Where both daily, weekly, and monthly support lie. $7 also coincides with an uptrend line on price charts, separate from any uptrend line on the OBV.

$20 was too much for even Chainlink’s momentum, and the asset has been tumbling since. The one savior steadfast Link Marines have in their favor, is the fact that this same indicator on weekly timeframes, leaves the uptrend line unbroken.

 chainlink linkusd weekly

LINKUSD On-Balance Volume Weekly Price Chart | Source: TradingView

However, top investment analysts are still claiming that Chainlink is wildly overvalued according to its annualized growth rate, and could experience a significant correction by 50% or more.

These figures match up well with the targets of the broken parabola, which range from 50% to a full 80% before finding support.

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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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