Your favorite crypto news blog

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

Other 2020/07/07 22:00 by Tony Spilotro

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.

Related Reading | These Altcoins Set a New ATH While Bitcoin And Ethereum Tank

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.

linkbtc chainlink bitcoin crypto

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.

Related Reading | This Leading Altcoin Only Has 8% Chance of Further Decline Against Bitcoin

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.

0 Like(s)

You should also read...

Crypto 14/04/20 18:30 by Tony Spilotro
Reliable Sell Signal Challenges Chainlink Cryptocurrency’s Unstoppable Growth
Chainlink, the explosive cryptocurrency that recently set its all-time high amidst the peak coronavirus panic, has just triggered a sell signal on the TD 9 Sequential indicator across both the USD and...
Read More
Other 14/07/20 22:00 by Tony Spilotro
Tag Team of Powerful Sell Signals Could Take Tezos Down For The Count
With Chainlink setting a new all-time high and entering price discovery mode, all eyes turned to the altcoin called Tezos. In the past Tezos and Chainlink have risen in the same tides. If history repe...
Read More
Crypto 15/07/20 19:00 by Tony Spilotro
Chainlink’s Unstoppable Rally Has It Dominating These Top Crypto Exchanges
Chainlink has the entire cryptocurrency standing at attention and taking note as the asset enters price discovery mode and sets new high after high. Along the way, the superstar altcoin has stolen the...
Read More
Other 05/08/20 22:00 by Tony Spilotro
Sell Signals Stack Against Chainlink (LINK) After Surge to New All-Time High
After an incredible 670% rally from bottom to top in Chainlink, the odds are stacked against the crypto asset climbing much further. Could a set of sell signals triggering on the altcoin across multip...
Read More
Other 25/09/20 22:00 by Tony Spilotro
Chainlink 30% Rally Closes Record “Best” 2020 Daily Performance
Chainlink may be trading at half of its all-time high, but it just broke a new record – this time for its best single-day performance in all of 2020. With such an outstanding rebound from local ...
Read More