{"id":417226,"date":"2020-03-06T18:00:01","date_gmt":"2020-03-06T18:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=417226"},"modified":"2020-03-06T17:13:24","modified_gmt":"2020-03-06T17:13:24","slug":"altcoin-market-forms-cryptos-most-dangerous-pattern","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoin-market-forms-cryptos-most-dangerous-pattern\/","title":{"rendered":"Altcoin Market Forms Crypto’s Most Dangerous Pattern"},"content":{"rendered":"

After two full years of a bear market and a recent breakout across the altcoin market<\/a>, crypto analysts are convinced that an alt season is just around the corner.<\/p>\n

However, the altcoin market is forming the most dangerous pattern in the crypto space \u2013 and one that in the past has caused the market to collapse to new lows.<\/p>\n

Altcoin Market Forms Descending Triangle<\/h2>\n

Many altcoins have exploded in the new year<\/a>, going on insane rallies that resulted in more than 100% ROI in many cases.<\/p>\n

Altcoins strongly outperforming Bitcoin<\/a>, has prompted some of the crypto industry\u2019s top analysts to conclude an alt season is near \u2013 an extended period of time where the alternative crypto assets beat Bitcoin in returns by a wide margin.<\/p>\n

Related Reading | Past Crypto Cycle Highlights Altcoin Underperformance, But Perfect Storm is Coming<\/a><\/strong><\/em><\/p>\n

And while there\u2019s no denying that altcoins have been looking exceptionally bullish, even showing the strongest surge in trading volume in the market\u2019s entire history<\/a>, the altcoin market has formed the cryptocurrency space\u2019s most dangerous and accurate chart pattern: the descending triangle.<\/p>\n

On weekly timeframes, a massive, two-year-long descending triangle<\/a> is clearly visible. Descending triangles can be bullish, but favor a break to the downside.<\/p>\n

\"altcoin<\/p>\n

Such a massive descending triangle breaking down, would have devastating implications for the altcoin space and greater crypto market.<\/p>\n

Targets are measured by taking the widest point of the triangle and applying it to the breakout point.<\/p>\n

In the Altcoin\/BTC chart below, such a target would wipe out nearly half a decade worth of progress and growth from the altcoin market. Because the chart weighs altcoins against Bitcoin<\/a>, this would suggest that most of the lost capital from altcoins would pour directly into the leading cryptocurrency by market cap.<\/p>\n

\"altcoin<\/p>\n

Further adding credence to a potential drop, the Gann Double Band indicator<\/a> has just issued the first-ever short signal in the altcoin\/BTC chart\u2019s history on weekly timeframes.<\/p>\n

Past Bitcoin Breakdowns Provide Example of Potential Danger<\/h2>\n

To demonstrate the severity of these patterns and signals, Bitcoin<\/a> has in the last two years formed two major descending triangles, with each breaking down to new lows.<\/p>\n

Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency?<\/a><\/strong><\/em><\/p>\n

In the chart below, each triangle resulted in a dangerous drop of the crypto to new lows, providing an example of what to expect for a drop in altcoins if the pattern plays out.<\/p>\n

\"altcoin<\/p>\n

The same Gann Double Band signal on monthly Bitcoin<\/a> charts, has issued two short signals during the bear market, with each occurring at a peak that touched the top trendline of the descending triangle formation.<\/p>\n

\"\"<\/p>\n

As for why altcoins could be in danger, aside from the formation and signals themselves, the speculative assets are among the riskiest assets and investments by miles. And with the market in turmoil, and coronavirus fears causing investors to panic<\/a>, risky assets like alts could be the first to get dumped in a massive panic-induced selloff.<\/p>\n

This pattern could be foretelling such an ominous event<\/a>, so plan accordingly.<\/p>\n","protected":false},"excerpt":{"rendered":"

After two full years of a bear market and a recent breakout across the altcoin market, crypto analysts are convinced that an alt season is just around the corner. However, the altcoin market is forming the most dangerous pattern in the crypto space \u2013 and one that in the past has caused the market to collapse to new lows. Altcoin Market Forms Descending Triangle Many altcoins have exploded in the new year, going on insane rallies that resulted in more than 100% ROI in many cases. Altcoins strongly outperforming Bitcoin, has prompted some of the crypto industry\u2019s top analysts to conclude an alt season is near \u2013 an extended period of time where the alternative crypto assets beat Bitcoin in returns by a wide margin. Related Reading | Past Crypto Cycle Highlights Altcoin Underperformance, But Perfect Storm is Coming And while there\u2019s no denying that altcoins have been looking exceptionally bullish, even showing the strongest surge in trading volume in the market\u2019s entire history, the altcoin market has formed the cryptocurrency space\u2019s most dangerous and accurate chart pattern: the descending triangle. On weekly timeframes, a massive, two-year-long descending triangle is clearly visible. Descending triangles can be bullish, but favor a break to the downside. Such a massive descending triangle breaking down, would have devastating implications for the altcoin space and greater crypto market. Targets are measured by taking the widest point of the triangle and applying it to the breakout point. In the Altcoin\/BTC chart below, such a target would wipe out nearly half a decade worth of progress and growth from the altcoin market. Because the chart weighs altcoins against Bitcoin, this would suggest that most of the lost capital from altcoins would pour directly into the leading cryptocurrency by market cap. Further adding credence to a potential drop, the Gann Double Band indicator has just issued the first-ever short signal in the altcoin\/BTC chart\u2019s history on weekly timeframes. Past Bitcoin Breakdowns Provide Example of Potential Danger To demonstrate the severity of these patterns and signals, Bitcoin has in the last two years formed two major descending triangles, with each breaking down to new lows. Related Reading | Is the Coronavirus The Black Swan Event That Crushes Cryptocurrency? In the chart below, each triangle resulted in a dangerous drop of the crypto to new lows, providing an example of what to expect for a drop in altcoins if the pattern plays out. The same Gann Double Band signal on monthly Bitcoin charts, has issued two short signals during the bear market, with each occurring at a peak that touched the top trendline of the descending triangle formation. As for why altcoins could be in danger, aside from the formation and signals themselves, the speculative assets are among the riskiest assets and investments by miles. And with the market in turmoil, and coronavirus fears causing investors to panic, risky assets like alts could be the first to get dumped in a massive panic-induced selloff. This pattern could be foretelling such an ominous event, so plan accordingly.<\/p>\n","protected":false},"author":517,"featured_media":417232,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[70158,142,428,6664,50132],"class_list":["post-417226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-alt-btc","tag-altcoins","tag-bitcoin","tag-crypto","tag-descending-triangle"],"acf":[],"yoast_head":"\nAltcoin Market Forms Crypto's Most Dangerous Pattern<\/title>\n<meta name=\"description\" content=\"After two full years of a bear market and a recent breakout across the altcoin market, crypto analysts are convinced that an alt season is just around the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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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\u2019s 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\u2019s 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.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Altcoin Market Forms Crypto’s Most Dangerous Pattern","url":"http:\/\/wncen.com\/news\/altcoin-market-forms-cryptos-most-dangerous-pattern\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/altcoin-market-forms-cryptos-most-dangerous-pattern\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/altcoin-crypto-pattern-bitcoin-danger-shutterstock_781568374.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/altcoin-crypto-pattern-bitcoin-danger-shutterstock_781568374.jpg?fit=1000%2C668"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["alt\/btc","altcoins","bitcoin","crypto","descending triangle"],"dateCreated":"2020-03-06T18:00:01Z","datePublished":"2020-03-06T18:00:01Z","dateModified":"2020-03-06T18:00:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Altcoin Market Forms Crypto’s Most Dangerous Pattern\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/altcoin-market-forms-cryptos-most-dangerous-pattern\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/altcoin-market-forms-cryptos-most-dangerous-pattern\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/altcoin-crypto-pattern-bitcoin-danger-shutterstock_781568374.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/altcoin-crypto-pattern-bitcoin-danger-shutterstock_781568374.jpg?fit=1000%2C668\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"alt\\\/btc\",\"altcoins\",\"bitcoin\",\"crypto\",\"descending triangle\"],\"dateCreated\":\"2020-03-06T18:00:01Z\",\"datePublished\":\"2020-03-06T18:00:01Z\",\"dateModified\":\"2020-03-06T18:00:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/altcoin-crypto-pattern-bitcoin-danger-shutterstock_781568374.jpg?fit=1000%2C668","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/417226"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=417226"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/417226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/417232"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=417226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=417226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=417226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}