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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Tag Team of Powerful Sell Signals Could Take Tezos Down For The Count

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
tezos xtzusd xtzbtc bitcoin crypto

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Created by industry experts and meticulously reviewed
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With Chainlink setting a new all-time high and entering price discovery mode, all eyes turned to the altcoin called Tezos. In the past Tezos and Chainlink have risen in the same tides. If history repeats and the assets stay closely correlated, further upside could be coming for XTZ holders.

However, a tag team of sell signals on USD and BTC trading pairs could cause the sizzling hot altcoin to correct before another leg up.

Can Tezos Follow Chainlink To a New All-Time High?

Two of the crypto market’s top performers over the last several years, Chainlink and Tezos, have followed a similar path to stardom.

Each altcoin arrived in the crypto market after the bubble burst, and aren’t tarnished by a brutal drawdown like other top cryptocurrencies. Despite similar trajectories, the two assets couldn’t be more different.

Related Reading | Small Cap Altcoins Have Outperformed Bitcoin By 5x in 2020

Tezos can be used to launch security token offerings but has thus far ballooned due to the frenzy surrounding staking. Staking provides holders of the asset with an APY return, for doing nothing more than parking the assets in a wallet.

The resulting increase in ROI has helped Tezos pick up additional steam this year, but it has yet to catch up to Chainlink in terms of performance. But because the two assets have shown such correlation, once Chainlink set a new all-time high, crypto investors turned to XTZ.

A fractal playing out across XTZ price charts very closely reflects the price action in LINK just ahead of the breakout. After the breakout, the asset entered price discovery mode and is searching for its next peak.

Meanwhile, Tezos was expected to do the same, however, a duo of sell signals may stop any further advance in the altcoin.

tezos xtzusd xtzbtc

XTZUSD & XTZBTC TD Sequential 9 Sell Setup | Source: TradingView

TD Sequential Triggers Sell Setups on XTZUSD and XTZBTC

According to the TD Sequential indicator, Tezos just gave two sell setups – one on the BTC pair, and the other on the USD pair.

The TD Sequential indicator is used to time market tops and bottoms and has done so with chilling accuracy throughout the last several years of cryptocurrency.

Several other altcoins have given such signals in recent days, suggesting that the greater altcoin market could see a drop against Bitcoin.

Related Reading | Alt Season: ‘Altcoins’ Search Volume Surges On Google Trends

During the last few weeks, altcoins have been flying against Bitcoin, allowing assets like XRP, Stellar, Chainlink, and Tezos to fly. Crypto investors have been calling it an alt season, but any ongoing altcoin performance is contingent on BTC dominance.

Bitcoin trading sideways has made for the ideal environment for alts to shine, but when the king of crypto does finally move, it could crush alts in its wake.

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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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