{"id":379502,"date":"2019-04-23T20:00:22","date_gmt":"2019-04-23T20:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=379502"},"modified":"2019-04-23T21:05:54","modified_gmt":"2019-04-23T21:05:54","slug":"crypto-bitcoin-price-altcoin-season","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-bitcoin-price-altcoin-season\/","title":{"rendered":"Crypto Conundrum: Bullish Bitcoin Price Action Halts Altcoin Season In Its Tracks"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Overnight last night, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> made another strong bullish advance through resistance at $5,400, following a <a href=\"https:\/\/uniquehot.com\/2019\/04\/19\/crypto-analytics-bitcoin-price-surge\/\">massive crypto rally earlier in the month<\/a> that set the bullish tone for the rest of the month\u2019s price action. <\/span><span class=\"s1\">While Bitcoin is more bullish than it\u2019s been <a href=\"https:\/\/uniquehot.com\/2019\/04\/12\/bitcoin-ethereum-crypto-bull-run\/\">since its all-time high of $20,000<\/a> back in December 2017, altcoins, which had been <a href=\"https:\/\/uniquehot.com\/2019\/04\/02\/2019-crypto-alt-season-altcoins\/\">experiencing massive gains<\/a> in price over the last few months, have suddenly turned extremely bearish.<\/span><\/p>\n<p>Across social media, crypto analysts are issuing warnings on how to handle altcoin investments in the face of renewed bearish sentiment, and offer insight into what this means for the rest of the crypto market.<\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Price Rally Causes Altcoins To Bleed Out<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">While Bitcoin\u2019s first large movement through resistance at $4,200 that resulted in a nearly <a href=\"https:\/\/uniquehot.com\/2019\/04\/04\/bitcoin-price-rose-more-in-one-hour-than-last-two-months-combined\/\">$1,000 upward movement over the course of an hour<\/a> brought altcoins along with it for the ride, this most recent move has caused an increasing amount of bearish sentiment surrounding Bitcoin\u2019s crypto cousins.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/04\/02\/2019-crypto-alt-season-altcoins\/\">2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Many altcoins are still posting small percentage gains across the board in USD value, though nearly the entire market in value relative to Bitcoin has sank considerably. Any alts that only have a trading pair with BTC were hit exceptionally hard. Nano, Tezos, and a few other outliers managed to grow in relation to BTC value, however the rest of the market is a <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">sea of red<\/a>.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The good thing about alts nuking is that the next alt season is going to be that much sweeter.<br \/>Just let them go down 30-50% more and then stuff your bags and you&#39;ll be just fine for the next round.<br \/>On top of that as long as they nuke holding BTC longs is way comfier.<\/p>\n<p>&mdash; DonAlt (@CryptoDonAlt) <a href=\"https:\/\/twitter.com\/CryptoDonAlt\/status\/42973697?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">One particular crypto analyst, DonAlt, in a tweet hinted at the downside potential for altcoins as falling as much as \u201c30-50%\u201d as Bitcoin rallies further. The trader says that alts \u201cnuking\u201d is a \u201cgood thing\u201d as it\u2019ll make the next alt season \u201cthat much sweeter.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Some altcoins, such as <a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a> and <a href=\"\/tag\/ripple\" rel=\"nofollow\">Ripple<\/a>, have underperformed relative to Bitcoin over the last few months. If Ripple fell another 30-50% from here, it\u2019d set new bear market lows, as Bitcoin enters what could be the start of a bull run.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Altcoins: Switching from BTFD to STFB Mode<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Another prominent trader has recommended that crypto investors cease \u201cbuying the dip\u201d across altcoins, and instead suggests that traders sell each bounce at support.<\/span><\/p>\n<p>https:\/\/twitter.com\/cryptogainz1\/status\/02892032?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">In an EOS chart accompanying the tweet, support is clearly shown as being broken. And each time support broke previously on the chart, resulted in a deep decline for EOS. While the exact price action won\u2019t play out across all altcoins, many charts do appear similar in structure, and often the entire altcoin market moves in parity.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2019\/04\/22\/bullish-bitcoin-price-formation-hints-at-short-term-move-above-6k\/\">Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">For a few weeks there, crypto analysts were watching Bitcoin dominance for a break below 50% which could have sparked an all-out altcoin season, while Bitcoin consolidated further. Instead, BTC dominance rebounded and is currently sitting at 53.5% which is responsible for the bleeding witnessed across the altcoin space.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If DonAlt is right about the next altcoin season being that much sweeter due to the impending decline across the alt space, further accumulation at the bottom of the coming range could end up being a <a href=\"https:\/\/uniquehot.com\/2019\/04\/02\/2019-crypto-alt-season-altcoins\/\">profitable investment<\/a> for the long term as <a href=\"https:\/\/uniquehot.com\/2019\/04\/22\/bullish-bitcoin-price-formation-hints-at-short-term-move-above-6k\/\">crypto markets begin to build hype once again<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Overnight last night, Bitcoin price made another strong bullish advance through resistance at $5,400, following a massive crypto rally earlier in the month that set the bullish tone for the rest of the month\u2019s price action. While Bitcoin is more bullish than it\u2019s been since its all-time high of $20,000 back in December 2017, altcoins, which had been experiencing massive gains in price over the last few months, have suddenly turned extremely bearish. Across social media, crypto analysts are issuing warnings on how to handle altcoin investments in the face of renewed bearish sentiment, and offer insight into what this means for the rest of the crypto market. Bitcoin Price Rally Causes Altcoins To Bleed Out While Bitcoin\u2019s first large movement through resistance at $4,200 that resulted in a nearly $1,000 upward movement over the course of an hour brought altcoins along with it for the ride, this most recent move has caused an increasing amount of bearish sentiment surrounding Bitcoin\u2019s crypto cousins. Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value\u00a0 Many altcoins are still posting small percentage gains across the board in USD value, though nearly the entire market in value relative to Bitcoin has sank considerably. Any alts that only have a trading pair with BTC were hit exceptionally hard. Nano, Tezos, and a few other outliers managed to grow in relation to BTC value, however the rest of the market is a sea of red. The good thing about alts nuking is that the next alt season is going to be that much sweeter.Just let them go down 30-50% more and then stuff your bags and you&#39;ll be just fine for the next round.On top of that as long as they nuke holding BTC longs is way comfier. &mdash; DonAlt (@CryptoDonAlt) April 23, 2019 One particular crypto analyst, DonAlt, in a tweet hinted at the downside potential for altcoins as falling as much as \u201c30-50%\u201d as Bitcoin rallies further. The trader says that alts \u201cnuking\u201d is a \u201cgood thing\u201d as it\u2019ll make the next alt season \u201cthat much sweeter.\u201d Some altcoins, such as Ethereum and Ripple, have underperformed relative to Bitcoin over the last few months. If Ripple fell another 30-50% from here, it\u2019d set new bear market lows, as Bitcoin enters what could be the start of a bull run. Altcoins: Switching from BTFD to STFB Mode Another prominent trader has recommended that crypto investors cease \u201cbuying the dip\u201d across altcoins, and instead suggests that traders sell each bounce at support. https:\/\/twitter.com\/cryptogainz1\/status\/02892032?s=12 In an EOS chart accompanying the tweet, support is clearly shown as being broken. And each time support broke previously on the chart, resulted in a deep decline for EOS. While the exact price action won\u2019t play out across all altcoins, many charts do appear similar in structure, and often the entire altcoin market moves in parity. Related Reading | Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K\u00a0 For a few weeks there, crypto analysts were watching Bitcoin dominance for a break below 50% which could have sparked an all-out altcoin season, while Bitcoin consolidated further. Instead, BTC dominance rebounded and is currently sitting at 53.5% which is responsible for the bleeding witnessed across the altcoin space. If DonAlt is right about the next altcoin season being that much sweeter due to the impending decline across the alt space, further accumulation at the bottom of the coming range could end up being a profitable investment for the long term as crypto markets begin to build hype once again.<\/p>\n","protected":false},"author":517,"featured_media":379544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,16892,13625,16894],"tags":[142,428,10598,1946,3680],"class_list":["post-379502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-eos","category-ethereum","category-ripple","tag-altcoins","tag-bitcoin","tag-eos","tag-ethereum","tag-ripple"],"acf":[],"yoast_head":"\n<title>Crypto Conundrum: Bullish Bitcoin Price Action Halts Altcoin Season In Its Tracks<\/title>\n<meta name=\"description\" content=\"Bitcoin price further rallying in the crypto market has caused altcoins to drop in value relative to BTC. 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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. 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