Bitcoin price just touched over $9,500, while altcoins have set new lows on their BTC trading pairs.
Amidst the crypto confusion, a highly reliable indicator just gave a mixed bag of signals that has only added to the usual state of the cryptocurrency market.
Crypto Market Assets Appear to Be Deviating in Correlation Cycle
The crypto market is like the wild west. Most anything goes, there are very few laws or rules, and is filled with notorious figures.
Speculative assets with nothing by hype often outperform assets with tried-and-true use cases.
However, the correlated relationship between Bitcoin and altcoins is usually reliable and gives a sense of normalcy across the asset class.
Related Reading | Bitcoin Dominance Reversal At Key Level Points To Sustained Altcoin Rally
Most crypto investors know, when Bitcoin rises, altcoins crash, and when Bitcoin crash, altcoins get decimated.
Altcoins most typically shine during phases of Bitcoin trading sideways.
Bitcoin’s latest pre-halving pump did as expected and caused altcoins to drop in value. This is highly visible on the BTC trading pairs of top altcoins like Ethereum, Ripple, or Tezos.
However, a batch of buy and sell signals across top cryptocurrencies – Bitcoin and altcoins included – indicates that a divergence in this relationship could soon be here.
TD Sequential Hands Out Buy and Sell Signals To Bitcoin and Altcoins
This divergence suggests that Bitcoin will soon crash, but altcoins will surge.
Bitcoin daily price charts have triggered a TD 13 setup sell candle on the cryptocurrency just ahead of its halving.
Interestingly, BTC dominance, however, has also triggered a sell signal coinciding with TD 9 buy signals across most major altcoins. The TD Sequential indicator has been highly accurate in the crypto space.
Ethereum, EOS, and Binance Coin all gave the buy signal, and in recent weeks, Litecoin and XRP had similar signals.
While most crypto investors are expecting Bitcoin to moon with the halving here, it could be altcoins that really thrive.
BTC dominance charts dating back to 2016 show that it was actually the same week as Bitcoin‘s halving that set off the very first altcoin season and set BTC dominance on a downward sloping path.
Related Reading | Stellar’s Fractal Shows How Epic the Next Crypto Bull Market Can Be
Once BTC dominance showed its first-ever sign of weakness, altcoins took over and exploded with over 1000% gains in many cases.
These assets only further ballooned in value for the two years following, leading to the crypto hype bubble in 2017.
At that time, those assets set their record peak prices, then fell into a bear market.
Markets are cyclical, and history repeats. Is it time for the altcoin cycle to start again, coinciding with Bitcoin’s halving once again?
Featured image by Pixabay origin »
The Dogecoin price may be in for more pain, as a crypto analyst has projected another significant breakdown to new lows. On the bright side, the analyst suggests that this retracement will offer a discount for traders who aim to capitalize on the buy-dip opportunities and accumulate ahead of a potential increase.
The Aave (AAVE) market suffered significant losses in the past week as price declined by 17. 07% according to data from CoinMarketCap. While the DeFi token has shown some stability in the last 24 hours, certain market indicators suggest the bearish storm may be far from over.
The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000.
An analyst has pointed out how Shiba Inu (SHIB), Solana (SOL), and Cardano (ADA) are among the altcoins seeing a buy signal on this indicator. Shiba Inu, Solana, & Cardano Form Buy Signal Following Market Crash In a new post on X, analyst Ali Martinez has talked about how a Tom Demark (TD) Sequential signal has formed for Shiba Inu, Solana, and Cardano recently.
The Tom Demark (TD) Sequential has given a sell signal for Bitcoin after the asset broke past the $71,000 level in the past day. Bitcoin TD Sequential Is Giving A Sell Signal Right Now As explained by analyst Ali Martinez in a new post on X, a TD Sequential signal has appeared in the 1-hour price of Bitcoin.
Amidst the anticipated positive effect of the recently concluded Bitcoin Halving event, Ali Martinez, a well-known cryptocurrency analyst and trader has issued a noteworthy warning about BTC’s trajectory, predicting that the price of the crypto asset could undergo a correction to the $59,000 mark.
Recent data has revealed the crypto exchange with the highest trading volume of Shiba Inu, indicating an upward trajectory for the digital asset as the volume continues to surge in the crypto exchange.
