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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tezos & Ethereum: These Top Performing Altcoins Flash Dangerous Sell Signals

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read

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The talk of the crypto industry over the last few weeks has been focused on the massive gains from many altcoins across the top ten cryptocurrencies by market cap, however, few assets were buzzing as much as Ethereum and Tezos.

The two altcoins are up well over 100% year-to-date, however, both have just flashed a very dangerous sell signal that could cause a steep correction and these two top performing crypto assets to retrace much of their recent parabolic bull rallies.

Are These Top Performing Altcoins Part of a Greater Crypto Correction?

The number two cryptocurrency by market cap, Ethereum, and relative newcomer to the crypto market top ten, Tezos, have had an explosive first two months of the new calendar year.

Ethereum was up well over 125% year-to-date from trough to peak before the recent correction took the second-largest cryptocurrency down a few notches.

Meanwhile, during January and February, Tezos had already quadrupled in value, with over 200% returns from the 2020 low to the recent high.

Related Reading | Top Trader: Tezos Cryptocurrency Can Surge 5-10x After 100% Rally in 2 Weeks 

The two assets appeared to be unstoppable or at least had been showing little signs of slowing down their bullish momentum.

But that was until a wider crypto market correction began to cause these parabolic assets to retrace, and could soon be headed much lower.

Ethereum and Tezos Flash Sell on TD 9 Sequential Indicator

Analysts are conflicted if the rally is over or not, but a sell signal from the TD 9 sequential indicator across both crypto assets on their trading pairs against BTC, suggest that further upside will be limited until a deeper correction occurs.

Both ETH/BTC and XTZ/BTC have given a sell signal on the ninth candle in a previously bullish sequence.

tezos xtz btc

ethereum eth btc

The TD Sequential Indicator was designed by financial market wizard Thomas DeMark and is used to signal a buy or sell in assets depending on if a series or sequence of candlesticks close in a certain manner.

Following at least 9 consecutive days of a steady uptrend, these strong performing altcoins have reached a 9 on the TD Sequential Indicator, suggesting now is an ideal time to sell the asset in anticipation of retracement ahead.

In the past, the TD 9 Indicator has been used to spot Bitcoin’s top at $20,000 and then the bottom at $3,100 and $6,400 three Decembers in a row.

Related Reading | What’s Really Triggering This Epic Ethereum Rally? 3 Key Factors Behind Upsurge 

Given the tool’s accuracy and the indicator’s creator reputation for market timing, the probability that Ethereum and Tezos recent rallies having finished remain high.

Retracing from here would likely take Ethereum back to the low $200 range, and Tezos back under a more reasonable $2 per XTZ token.

Featured image from Shutterstock
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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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