Bitcoin Price Chart: Monthly Candle Pattern Shows Strongest Trend Reversal Ever

Tony "The Bull" Severino

6 years ago

2 mins read

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Bitcoin price is once again making headlines on mainstream media outlets, revisiting once forgotten memories of the crypto bubble of 2017, where Bitcoin’s meteoric rise captured the interest of the world and took it to its all-time high of $20,000.

Just this past week, $10,000 was reclaimed by Bitcoin – a price point that last time around created widespread FOMO and caused investors to flock to this space.

After the new level was taken, the monthly Bitcoin price chart is forming a “three white soldiers” candlestick formation that typically signals in financial assets a strong reversal. But Bitcoin isn’t any regular financial asset, and Bitcoin’s trend reversal may be the strongest ever witnessed by humankind, according to one crypto analyst.

Crypto Analyst: Bitcoin Price Bear Market Trend Reversal Is Strongest In Human History

Many people know by now that Bitcoin is the fastest rising asset in human history, with no other asset providing investors with more profits had they bought in at its inception than the first ever cryptocurrency. Everyone always wishes they bought more – even buying consistently through dollar cost averaging since the Bitcoin top would have led investors to profit.

But it’s also capable of extreme price crashes with each subsequent “bubble” pop, eliminating as much as 85%+ in value each time it happens. Each time it’s also pronounced dead, but makes a triumphant comeback that ultimate draws in more investors than the previous cycle.

After such a brutal bear market, that some believe included an over-correction below $6,000 to extreme lows and fear, an incredibly powerful reversal has occurred. Bitcoin, from its deepest, darkest lows, has surged over 250%, reclaimed important price levels such as $10,000 and is already setting its sights on reclaiming its previous all-time high – a price it’s already regained as much as 75% of in the recent months.

As the leading crypto asset by market cap shows no signs of stopping, if the current monthly candle closes in the green, Bitcoin will have printed a bullish chart pattern setup called “three white soldiers,” and one crypto analyst calls this and Bitcoin’s powerful rebound the “strongest trend reversal of an asset [the] human race has ever experienced,” and it may only just be getting started if the candle structure closes with a clean three white soldiers.

This is probably the strongest trend reversal of an asset human race has ever experienced and it's just getting started. #bitcoin pic.twitter.com/GCm8JSATv6

— Galaxy (@galaxyBTC) June 25, 2019

According to Wikipedia, the bullish candlestick pattern “unfolds across three trading sessions and suggests a strong price reversal from a bear market to a bull market.”

“The three white soldiers help to confirm that a bear market has ended and market sentiment has turned positive,” Wikipedia reads.

Published author and technical analyst Gregory L. Morris says that this sort of price pattern is so bullish, it “should never be ignored.”

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.