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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market Crash: This Technical Structure Puts End to Uptrend

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

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Although the crypto market has been surging since the start of 2020, the Bitcoin and altcoins may be experiencing the early stages of the year’s first major correction.

The technical structure of the recent, short-term uptrend has been broken, suggesting that further downside is due in the days ahead. However, the uptrend on higher timeframes remains strong, so any correction is likely limited and will rebound to new highs following a local low being set.

Crypto Market Uptrend Technical Structure is Tarnished, But Daily Close Will Decide Fate

The crypto asset class has been among the best-performing assets of the new year, across any financial market, behind only select standouts like Tesla.

Bitcoin is up over 40% year-to-date, and altcoins across the board have been skyrocketing. The number two cryptocurrency by market cap Ethereum has risen over 100%, doubling in value in just a few weeks.

Meanwhile, lower down the list, altcoins like Link or Tezos have been on fire, quadrupling in value in just a few short weeks into the new year.

Related Reading | Bitcoin Dominance Could Cause Catastrophic Ending to Current Altcoin Season 

But the explosive uptrend may be coming to an end, at least in the short term, according to a break in market structure.

Uptrends by definition are a series of higher lows and higher highs put in consecutively following an ultimate low being set. The uptrend is over once a high is put in, and a lower low is later set to confirm the conclusion of the bullish momentum.

On daily timeframes, the total cryptocurrency market is just hours away from setting its first lower low since the uptrend began.

total crypto market price chart

Technically, two wicks have already touched lower lows, but no daily price candles have closed below the low set on February 10.

When looking at an uptrend channel that has formed throughout the year, the total crypto market cap can still be seen trading within the channel. A wick extends out of the bottom of the channel, but again, no candle has closed to confirm the lower low and finish to the uptrend.

total crypto market price chart

The lack of a candle close could indicate that the total crypto market could surge higher from here, but after over 70% gains across the board, more than 10% correction is likely warranted and due in the days ahead.

Danger of Deep Correction Won’t Prevent Bull Market, According to Higher Timeframe Price Action

Even if a deep correction arrives, the uptrend is still safe and intact on higher timeframes such as the weekly and monthly. It is only shorter timeframes that are in jeopardy.

A new lower low on weekly timeframes won’t be set until the market cap falls under $219 billion. The total crypto market value current rests at $276 billion, up from a low of $165 billion set back in late December 2019.

On monthly timeframes, a new lower low won’t be set unless the market falls back below $165 billion. Such an event would suggest the long-term trend was turning back to bearish, and an extended downtrend would be almost guaranteed.

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

Such an event is extremely unlikely after two full years of a bear market and with so many signals confirming that a new bull market is forming for Bitcoin and altcoins in the months ahead.

total crypto market price chart

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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

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