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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

A Deep Retracement For Ethereum and XRP is Inevitable, Based on This Indicator

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
ethereum xrp crypto altcoin bitcoin

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All last week, the altcoin market was on fire, with many crypto assets – including Ethereum and XRP – breaking out from downtrend resistance and going on massive rallies – some of which set over a few hundred percent gains.

However, an indicator designed to spot reversals before they happen is suggesting that the two top altcoins Ethereum and XRP are due for a deep retracement.

TD9 Sequential Indicator Signals Sell on Ethereum and XRP

When the total altcoin market cap broke out from its downtrend resistance, fireworks followed across each individual altcoin price chart.

Even Bitcoin rallied by as much as over 30%, dragged higher by the bullish sentiment across altcoins – a stark contrast from the blood bath altcoins experienced in 2019 at the hands of the first-ever cryptocurrency.

Related Reading | Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback? 

From bottom to top, the number two cryptocurrency by market cap, Ethereum rose 50% in 30 days, from a price of $116 to $179.

XRP, the third-largest cryptocurrency, didn’t fare quite as well, but still outperformed Bitcoin with 46% returns, growing from a trough of 17 cents to a peak of 25 cents before falling to current levels.

While these altcoins have already experienced a drop, the TD9 Sequential indicator created by expert financial market analyst Thomas Demark, are signaling that a deeper retracement is inevitable in the days and weeks ahead.

The TD9 Sequential indicator, just as it sounds, focuses on a sequence of candlesticks that often precede a reversal.

If a crypto asset follows this sequence to the ninth candle, a reversal oftentimes results.

ethereum price chart

xrp price chart

Both Ethereum and XRP have signaled sell on daily timeframes using the indicator, suggesting that both of these top altcoins will fall in value in the days ahead.

Even if they do drop, after last week’s breakout of downtrend resistance most crypto investors believe the bottom to be in for altcoins. Any retracements are likely to be bought up ferociously, confirming the downtrend resistance as support.

The Rest of the Altcoin Market May See Deep Retracement Also

Elsewhere across the altcoin market additional crypto assets are also signaling sell via the TD 9 indicator.

Dash flipped sell on the USD pair after an enormous rally, while Ethereum, Litecoin, Binance Coin, and Tron have all signaled sell against Bitcoin on daily timeframes.

Related Reading | Even a Billionaire Crypto Investor Doesn’t Understand The Recent Altcoin Rally

If all of these altcoins begin dumping at once against both Bitcoin and USD, it could look like carnage once again across the altcoin space. However, after last week’s breakout this next retracement may be the greatest buy opportunity for altcoins for the foreseeable future.

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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