BEINCRYPTO
  • Featured
    Ethereum Price

    Ethereum 2.0 Won’t Be Released for ‘Potentially Many Years’

    cryptocurrency switch

    5 Signs You Need to Switch Your Cryptocurrency Exchange

    square

    Twitter CEO Plans to Develop a Decentralized Social Media Standard

    eToro Twitter

    Twitter Removes Controversial @CryptoDeleted Handle

  • Latest News
  • Analysis
    • All
    • Altcoin Analysis
    • Bitcoin Analysis
    • Ethereum Analysis
    BTC Bitcoin Dip

    Lengthening Bitcoin Cycles and the Monthly MACD [Premium Analysis]

    Enjin ENJ General

    Enjin Coin’s Breakout Was Possibly the Beginning of a New Market Cycle

    Bitcoin BTC Bull

    Yearly Bitcoin Moving Averages May Indicate the Bottom Is Near

  • Prices
    • Bitcoin
    • Ripple
    • Ethereum
    • Bitcoin Cash
    • Stellar
    • EOS
    • Litecoin
    • Cardano
    • Monero
    • Tron
    • Dogecoin
    • Ethereum Classic
  • About
    • The Team
    • Careers
    • Editorial Policy
    • Terms and Conditions
    • Privacy Policy
  • en-usEnglish
  • pt-brPortuguês do Brasil
  • ru-ruРусский
  • es-esEspañol
  • tr-trTürkçe
No Result
View All Result
BeInCrypto
Home Analysis Altcoin Analysis

Chainlink’s Wyckoff Chart Suggests a Bearish Market Cycle Is Near

by Valdrin Tahiri
Nov 19, 2019 @ 14:42 UTC
in Altcoin Analysis, Analysis, News
LINK Price
Share on FacebookShare on Twitter

Despite positive news and recent highs, the Chainlink price movement has been bearish.

Chainlink announced on November 13 that it had launched its community advocate program. The program continuously searches for advocates who will add value to the product by engaging in events in order to increase referral leads, sale references and contribute to higher customer value.

Chainlink previously announced its new node — the prophet node — which will give real-world data to the ecosystem of the project.

We're excited to welcome @prophet_node as the newest node operator to further decentralize the Chainlink network. They're backed by a team of blockchain enthusiasts and early adopters with a wealth of blockchain infrastructure experience. https://t.co/m8zUmat6A8

— Chainlink – Official Channel (@chainlink) November 5, 2019

Positive news aside, there are several possible patterns in play for Chainlink — which all suggest further price decreases.

Cryptocurrency trader @pentoshiswallet stated that the LINK price is following a Wyckoff distribution method and has reached a top.

I'm certainly no Wyckoff expert not my strength so take this meme with a grain of salt. If you know who the best wyckoff trader is tag them please. $LINK But just imagine for a second. Just… Imagine…. One of the greatest transfers of wealth taking place. No timeline pic.twitter.com/Vmq0zltLqk

— Pentoshi (@Pentoshiswallet) November 18, 2019

According to the chart, the Chainlink price is currently in Phase D before a massive price decrease begins. Let’s take a closer look at the LINK price movement and examine what may happen next.

Chainlink and a Possible Wyckoff

In order to use the Wyckoff chart, several stages are outlined in the graph below.

The rally was initiated at the beginning of October when the Chainlink price increased from $1.5 to $3. This was the “Preliminary Supply” stage. After the “buying climax” was reached, the Chainlink price decreased in a retracement which was the “Automatic Response.” The slightly higher high on October 25 was the “Test” and the even higher high on November 14 was the “Final Test.”

The Chainlink price has been decreasing since. The next phases predict an intensified downward move.

Bitcoin Wyckoff

Other Possibly Bearish Patterns

Even if we do not use a Wyckoff distribution, there are two possible patterns developing for Chainlink.

  1.  The LINK price broke out from an ascending triangle. The breakout could not be sustained and the price is in the process of decreasing to pre-breakout levels.
  2. The LINK price is trading inside an ascending wedge. After reaching the resistance line, it began to decrease and is currently in the process of breaking down from the support line.

Both of these movements should be considered bearish.

chainlink Breakout

Finally, these higher highs have all been combined with a bearish divergence in both the RSI & MACD. This validates our hypotheses laid out previously which suggests price decreases. Therefore, the LINK price movement looks bearish — regardless of the method used to do the analysis.

chainlink Divergence


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Tags: (LINK) Chainlink News
Valdrin Tahiri

Valdrin Tahiri

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Disclaimer. Read MoreRead Less
As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article. This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.

Related Posts

Link Price Up
Industry

Chainlink Breaks Down From Its Pattern — What’s Next?

The Chainlink (LINK) price broke down from an ascending wedge and is likely headed...

by Valdrin Tahiri
4 weeks ago
altseason rvn link bnb
Altcoin News

Not All Altcoins Are Rekt: These 5 Cryptos Have Given 3-13x ROI in 2019

Bitcoin has forever been the undisputed king of the decentralized digital economy. Granted, the...

by Shilpa Lama
2 months ago
Altcoins
Altcoin Analysis

September 2019 Altcoin Top 5 Performers: EOS, XLM, XRP, LINK

The Bitcoin price began the month of September with a gradual increase. However, on...

by Valdrin Tahiri
2 months ago
Next Post
bitcoin price prediction

Stratis Has Potential for a 100x Price Increase, Suggests Analyst

Leave Comment

BeInCrypto

BeInCrypto provides an inside perspective on the latest trends in an emerging market while keeping our audience abreast of the hottest news, as it breaks. Our only goal is to provide you — the reader — with important information, and we would never insult your intelligence by publishing unlabeled promotional material.

  • Advertise
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
  • Careers
  • Contact

BeInNews Academy Ltd © Street: Suite 1701 – 02A, 17/F, 625 King’s Road, North Point. Hong Kong.

No Result
View All Result
  • Latest News
  • Top Stories
  • Topics
    • Altcoin News
    • (BCH) Bitcoin Cash News
    • (BTC) Bitcoin News
    • (ETH) Ethereum News
    • (LTC) Litecoin News
    • Regulation News
    • (XRP) Ripple News
  • Analysis
    • Altcoin Analysis
    • Bitcoin Analysis
    • Ethereum Analysis
  • Technology
    • Blockchain News
    • Companies News
    • Mining News
  • Reviews
  • Editorial Team
  • About
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer