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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin, Cardano, Cryptocurrency news, Ethereum, Litecoin, Monero, Ripple
Reading Time: 3min 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.

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Related Reading | Global Altcoin Breakout Could Usher Return of Alt Season Crypto Riches 

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.

xrp ethereum litecoin crypto altcoin alt season xrp ethereum litecoin crypto altcoin alt season xrp ethereum litecoin crypto altcoin alt season

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.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun

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 Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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