Tezos Cryptocurrency Bull Pennant Points to Imminent Altcoin Season

Tony "The Bull" Severino

Last Updated: April 16, 2020 4:00 pm

3 mins read

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The unstoppable altcoin asset that’s taken the cryptocurrency market by storm, Tezos, has potentially formed a bull pennant on both the XTZUSD and XTZBTC pairs, signaling that a powerful breakout could be coming causing the asset to rally against both the dollar and Bitcoin.

Tezos Bull Pennant Signals Potential Rally In Coming Days Across Crypto Market

Tezos is among the top performers of the year thus far, with the altcoin’s massive gains from both a powerful rally and annual staking rewards proving to be extremely attractive to crypto investors who have watched most other assets decline for the better part of the last two years.

The bear market has caused cryptocurrency prices to fall as much as 99% from all-time high records set at the height of the crypto hype bubble.

But Tezos completely missed that boat, and the bright star standout altcoin hasn’t been tarnished by the negative sentiment or droves of underwater investors just dying to dump their assets at breakeven after holding for two long years.

Due to this, Tezos has enjoyed exceptional hype and bullish momentum, bringing the asset over 200% returns before the coronavirus panic selloff cut the asset and nearly every other financial asset down to size.

However, Tezos has since showed a strong recovery and a bull pennant on both the XTZUSD and XTZBTC pairs are pointing to another move higher.

XTZBTC Chart Pattern Points To Potential Altcoin Season and Bitcoin Outperformance

Tezos isn’t just signaling that it and potentially other cryptocurrencies may push higher on the XTZUSD pair, it’s also showing a bull pennant on the XTZBTC trading pair as well.

A rise in crypto assets across the USD trading pairs means that both Bitcoin and altcoins are growing in tandem. But bullish momentum for altcoins on the BTC trading pair means that an altcoin season – even if short-term – could be upon us.

Tezos has been leading the market in recent months, alongside Ethereum. If the two cryptocurrencies continue to show bullish signals against Bitcoin, there could be a period of altcoin outperformance, dubbed an alt season.

Bitcoin dominance has broken down from a long-term trend line and could be headed much lower, potentially leaving room for altcoins to rally. Before the coronavirus selloff, altcoin buy volume reached record levels, potentially signaling a bottom was in and that the assets would soon grow in value.

The recession put a damper on those plans, but hopefully, the altcoin season that was in the beginning stages back then, still can happen – it may just take longer for these altcoins to build additional momentum against Bitcoin once again.

Featured image from Pixabay

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.