Crypto Bulls Rejoice As Bitcoin (BTC) Monthly Candle Closes Above Resistance

Tony "The Bull" Severino

6 years ago

3 mins read

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At the start of April, Bitcoin price broke through resistance at $4,200, triggering a massive rally across the crypto market and a cascading effect of trader’s stops being hit, creating an hour-long price spike of nearly $1,000 per BTC. Analysts believe the initial surge was caused by a single actor who had a strategy in mind, planning to cause as much price impact as possible.

Regardless of the reason behind the surge in Bitcoin price to over $5,000 where it is currently ranging, the powerful upward movement was enough to revive bullish sentiment throughout the cryptosphere. Now, as the April monthly candle closes bulls are rejoicing over the fact Bitcoin has closed over resistance for the first time in “ages,” and has even withstood the blow of the Bitfinex and Tether FUD that emerged just days before the monthly close.

April Aftermath: Crypto Analysts and Traders See Bull Run Beginnings in Bitcoin

Yesterday’s daily candle close in Bitcoin price charts, was also the close of the monthly candle for April 2019 – a month that has been among the most bullish witnessed for Bitcoin in months, possibly since the leading cryptocurrency’s previous all-time high back in December 2017. Bitcoin and second-ranked crypto by market cap Ethereum saw their trading volume surges to peak crypto hype bubble levels.

In the end, April closed in the green as expected, at a price of roughly $5,272 on Coinbase. On Bitfinex, an exchange currently embroiled in a scandal involving borrowing from Tether reserves to hide an $850 million loss and where Bitcoin has significantly diverged in price, price per BTC closed setting highest daily candle body close since the start of 2019.

$BTC monthly:

This is the first time in ages that BTC has broken resistance & closed above it.

We've finally got support below us that might actually hold, turning my big timeframe bias bullish.
I'll stick with swing longs until that support fails.
Buys in green would be juicy. pic.twitter.com/zczGMjmIhY

— DonAlt (@CryptoDonAlt) May 1, 2019

Despite the Tether turmoil, Bitcoin has remained resilient and bulls confident in further upward movement, a sentiment that is widely shared across crypto Twitter by most crypto traders and analysts.

https://twitter.com/salsatekila/status/1123392822848180224?s=12

Analysts aren’t yet ruling out a re-test of former resistance turned support, however, most expect that support to hold if Bitcoin price ever gets there, and would view the correction as healthy, potentially resetting indicators for another surge upward.

https://twitter.com/etherdamus/status/1123354049305120768?s=12

Bitcoin closed the month at a 28.5% price increase, adding over $1,200 per BTC to the price of the most important cryptocurrency in the space.

Where Bitcoin goes from here is anyone’s guess, but many are expecting the aforementioned retest of resistance turned support, or a rally to test former support turned resistance at $6,000. Should Bitcoin break above $6,000 and close a monthly candle, much of the crypto market would be confident that the beginnings of a new bull run had started.

Amidst controversy, $btc closed the month of April 2019 up c$1200, 28.5% at $5272 per coin. pic.twitter.com/TMWXw76JsG

— filbfilb (@filbfilb) May 1, 2019

Featured image from Shutterstock

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.

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.