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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Sell Signals On Ethereum and Others Could Mean Altcoin Season Is Finished

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto altcoin confusion

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Chainlink set a new all-time high and has gone parabolic. Dogecoin has gone viral. Even XRP is pumping. The crypto space is clamoring that altcoin season is finally here.

However, sell signals appearing on the price charts of numerous alts suggest otherwise. Is alt season already over before it officially began?

Altcoin Season Explained

Bitcoin and altcoins exploded alongside one another during the crypto bubble. But since then, the two crypto assets have had a somewhat inverse relationship.

When Bitcoin was pumping all throughout 2019, altcoins fell further in value. This left altcoin valuations in BTC plummeting to bear market lows.

Related Reading | Small Cap Altcoins Have Outperformed Bitcoin By 5x in 2020

When the opposite happens, and alts gain against Bitcoin, it’s considered an altcoin season. During these phases, it isn’t uncommon to see several hundred to thousand percent rallies against the leading cryptocurrency by market cap.

These phases have been very few and far between over the last few years, and usually end abruptly with more downside. But is this time different?

TD 9 Sell Setup Altcoins For Another Fall Against Bitcoin

Chainlink recently set yet another all-time high record and is still climbing. The asset has went into full price discovery mode and shows little signs of stopping.

Dogecoin, a coin often used by analysts as an indicator an alt season is active, has grown by over 100% in recent days. TikTok users are “pumping” the “share price” of the “stock.”

Irrational exuberance hasn’t been this apparent since the peak crypto hype bubble in 2017. Similar viral videos depicting other cryptocurrencies on different platforms ran regularly at the time. Everyone was a genius investor.

Related Reading | Crypto Asset Goes Viral, As TikTok Users Plan Coordinated Pump

The industry underperformer XRP even saw a nearly 10% rally this week. Data shows there’s just an 8% chance of Litecoin going any lower. Crypto is back in a big way.

All the major boxes are checked for an altcoin season. But an accurate sell signal just triggered across several alts that could put an end to the rally.

The signal is the TD Sequential indicator “9” sell setup, issued on daily price charts across multiple altcoins. The signal is visible on both USD and BTC pairs on many assets.

Of these alts include breakout crypto market superstar Chainlink. The TD9 sell has now triggered across multiple timeframes.

ethbtc altcoins

ETHBTC Daily TD Sequential "9" Sell Setup | Source: TradingView

Another dangerous sign for alts, is the TD9 sell on Ethereum on both USD and BTC pairs. Ethereum is the largest altcoin in the crypto market and often leads the rest of the market on larger moves.

Ethereum tanking could take the rest of the crypto market down with it. Especially if Bitcoin begins falling, or worse yet, the stock market and everything else experiences a “second-leg down” scenario.

There’s still much fear left in the market, and with outbreak cases across the globe still not under control, anything is possible. And due to how accurate and reliable the TD Sequential indicator has been, so is more downside in crypto assets against BTC.

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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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