Ethereum, XRP, Litecoin and Other Large Cap Altcoins Poised For 20% Breakout

Tony "The Bull" Severino

5 years ago

3 mins read

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With Bitcoin price collapsing after a powerful parabolic rally, large-cap altcoins such as Ethereum, XRP, Litecoin, and others may finally have their time to shine.

If the assets among the top ten cryptocurrencies by market cap are able to hold support at current levels, they may be ready for as much as a 20% breakout to the upside as sell pressure wanes.

Crypto Analyst: Large Cap Altcoin Index Shows Potential 20% Breakout

2019 has not been a rewarding year for altcoin investors. The crypto assets showed some early signs of life at the start of the year alongside Bitcoin, however, once Bitcoin went parabolic, it sucked the capital from the altcoin market even further, causing values to drop not only in their USD rates but even worse so relative to their BTC ratios.

But Bitcoin has recently crashed, and its caused crypto traders and investors look elsewhere for profits, potentially starting with “large-cap” altcoins such as Ethereum, XRP, Litecoin, and others amongst the top ten cryptocurrencies by market cap.

Just ahead of Bitcoin’s collapse, these altcoins began to rebound from recent lows, but uncertainty surrounding Bitcoin caused the initial rally to also retrace. However, the asset’s retracement stopped at support, suggesting that the downtrend may finally be over for certain altcoins.

If the support continues to hold, according to one crypto analyst, it could result in a 20% breakout to the upside should a custom index of large-cap altcoins push through resistance.

BIG CAPS INDEX | They keep pushing against local horizontal resistance while holding on uptrend support.

A breakout would push a potential +20% on them.

Coins indexed: $ETH, $XRP, $LTC, $BNB, $EOS, $TRX, $XLM and $LINK. pic.twitter.com/iTqg8cNHi9

— Crypto Rand (@crypto_rand) October 2, 2019

Now that crypto investors are cashing out Bitcoin profits and seeking elsewhere to invest their funds, altcoins may be looking especially attractive after having set new lows recently and after the extended downtrend they’ve been on relative to BTC.

Not only could these large-cap altcoins like Ethereum, XRP, and Litecoin regain much-lost ground against Bitcoin, they could also see strong gains in their USD value as well.

The altcoin market is illiquid, and takes very little capital to have a dramatic impact, hence the occurrence of what the crypto community refers to as alt seasons. With two years of bear market and sell pressure potentially completely exhausting the market of sellers, it may finally be time for these beaten and battered assets to return to a bull market.

Alternatively, the renewed bearish sentiment around Bitcoin could not only prevent altcoins from regaining the value they lost during the downtrend, but it could drag alts down further into oblivion. With many of them still down 99% from their all-time highs, it’s difficult to imagine they have further to fall, but in the crypto market, anything is possible.

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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.