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Breaking News: Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers
crypto altcoin confusion

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

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency Market News, Ethereum, Technical analysis
Reading Time: 3 mins read

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.

Tags: altcoinaltcoinsbitcoinbtcusdBTCUSDTchainlinkcryptoDOGE/BTCDogecoindogeusdethbtcethereumethusdETHUSDTLINKBTCLINKUSDlinkusdtTD SequentialxrpXRPBTCXRPUSDxrpusdt
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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