Alt Season Cancelled: XRP, Ethereum, and Litecoin All Trigger Sell Signal

Tony "The Bull" Severino

5 years ago

3 mins read

xrp ethereum litecoin crypto altcoin alt season

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Ever since the clock first struck midnight turning into the new year, altcoins like XRP, Ethereum, Litecoin, and many others have been tearing up the price charts and going on massive price rallies.

But those rallies have now triggered a sequence of candlesticks that according to a world-renowned market analyst typically result in a reversal and selloff following.

XRP, Ethereum, and Litecoin Trigger TD9 Sell Signal On Sequential Indicator

Towards the start of 2020, the total cumulative altcoin market cap and a number of individual altcoins broke out from downtrend resistance, including large-cap cryptocurrencies like XRP, Ethereum, and Litecoin.

The breakout of downtrend resistance caused the largest buy volume on weekly timeframes that the altcoin market has ever seen, and underlying price patterns showed a strong resemblance to early Bitcoin price charts, hinting that life-changing wealth could be ahead for altcoin investors.

But before that happens, anyone who bought the recent altcoin bottom may have to hold through a strong retracement first.

According to the TD Sequential Indicator, created by financial market whiz Thomas DeMark, each of the three aforementioned altcoins – XRP, Ethereum, and Litecoin – have all reached a 9 “sell” signal on daily timeframes after a series of positive candle closes.

The sell signals appear on XRP/USD, ETH/USD, and LTC/USD. However, the three major altcoins aren’t alone in triggering sell signals on daily timeframes.

Cardano and Monero both also triggered TD 9 sell signals on their USD pairs, while Cardano and Litecoin also triggered TD 9 sell signals on their BTC trading pairs as well.

Return of Alt Season Postponed, But Retracement Could Be Bullish

All this week, the ongoing rallies have resulted in a number of crypto analysts reviving talk about an upcoming alt season. And while it cannot be ruled out at this point, alt season may be canceled or at the very least postponed until after a retracement occurs.

Even a fall from current levels would likely be extremely bullish, so long as former resistance confirms as support and holds strong.

A confirmation of resistance turned support would likely lead to even more confidence in bullish crypto investors, and could put the final nail in the bear market coffin.

After two full years of a long, arduous bear market, numerous bullish factors suggest that the crypto market is ready for a new bull run.

Altcoins like XRP, Ethereum, and Litecoin are all down significantly from their all-time highs, but all it will take is a short-lived alt season during the next bull market, and many of them will reclaim much lost ground.

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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.

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.