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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
ethereum xrp crypto altcoin bitcoin

A Deep Retracement For Ethereum and XRP is Inevitable, Based on This Indicator

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin, Ethereum, Ripple
Reading Time: 2 mins read
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All last week, the altcoin market was on fire, with many crypto assets – including Ethereum and XRP – breaking out from downtrend resistance and going on massive rallies – some of which set over a few hundred percent gains.

However, an indicator designed to spot reversals before they happen is suggesting that the two top altcoins Ethereum and XRP are due for a deep retracement.

TD9 Sequential Indicator Signals Sell on Ethereum and XRP

When the total altcoin market cap broke out from its downtrend resistance, fireworks followed across each individual altcoin price chart.

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Even Bitcoin rallied by as much as over 30%, dragged higher by the bullish sentiment across altcoins – a stark contrast from the blood bath altcoins experienced in 2019 at the hands of the first-ever cryptocurrency.

Related Reading | Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback? 

From bottom to top, the number two cryptocurrency by market cap, Ethereum rose 50% in 30 days, from a price of $116 to $179.

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XRP, the third-largest cryptocurrency, didn’t fare quite as well, but still outperformed Bitcoin with 46% returns, growing from a trough of 17 cents to a peak of 25 cents before falling to current levels.

While these altcoins have already experienced a drop, the TD9 Sequential indicator created by expert financial market analyst Thomas Demark, are signaling that a deeper retracement is inevitable in the days and weeks ahead.

The TD9 Sequential indicator, just as it sounds, focuses on a sequence of candlesticks that often precede a reversal.

If a crypto asset follows this sequence to the ninth candle, a reversal oftentimes results.

ethereum price chart

xrp price chart

Both Ethereum and XRP have signaled sell on daily timeframes using the indicator, suggesting that both of these top altcoins will fall in value in the days ahead.

Even if they do drop, after last week’s breakout of downtrend resistance most crypto investors believe the bottom to be in for altcoins. Any retracements are likely to be bought up ferociously, confirming the downtrend resistance as support.

The Rest of the Altcoin Market May See Deep Retracement Also

Elsewhere across the altcoin market additional crypto assets are also signaling sell via the TD 9 indicator.

Dash flipped sell on the USD pair after an enormous rally, while Ethereum, Litecoin, Binance Coin, and Tron have all signaled sell against Bitcoin on daily timeframes.

Related Reading | Even a Billionaire Crypto Investor Doesn’t Understand The Recent Altcoin Rally

If all of these altcoins begin dumping at once against both Bitcoin and USD, it could look like carnage once again across the altcoin space. However, after last week’s breakout this next retracement may be the greatest buy opportunity for altcoins for the foreseeable future.

Tags: altcoinsethereumtd9Thomas Demarkxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. 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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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