Bitcoin Bulls Defends 4-Year Trendline For 16th Time

Tony "The Bull" Severino

5 years ago

3 mins read

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This week, just as bullish crypto investors and traders began to lose hope that Bitcoin could prevent a fall further to new lowers, a powerful reversal may have started, reviving sentiment across the crypto market.

The sudden surge appears to be in response to Bitcoin price touching a 4-year-long trendline for the 16th time.

Bitcoin Touches Long-Term Bullish Trendline For 16th Time, Will Defense Be Successful?

Bitcoin is a relatively new asset in the financial world, born just tens years ago as the first-ever cryptocurrency – an experiment created by Satoshi Nakamoto that also ushered in the age of a technology called blockchain.

But despite the asset’s young age, it’s already built up plenty of historical price action, including a trendline acting as support for the past four years.

The trendline dates all the way back to October 2015, just as the leading cryptocurrency by market cap was breaking free from its bottom trading range of its then bear market – a bear market that lasted a painful two years before the crypto market went onto embark on a bull run turned bubble, that burst in late 2017.

According to a prominent crypto analyst, this trendline extending back four years, all the way to Bitcoin’s most recent bear market bottom at $3,100, has been touched now a total of 16 different times.

$BTC 4-year Log Trendline update:

As mentioned, BTC was in the midst of a 15th test of a very clean 4-yr trendline

Clean b/c drawn w/ coordinates from base through the 2019 bottom it has ZERO weekly closes outside the trendline

Thus far, we have reclaimed intra-week yet again pic.twitter.com/pMiio2tVHX

— Mr. Anderson (@TrueCrypto28) December 19, 2019

The trendline touch prior ended with an inverse head and shoulders that sent Bitcoin to $7,800 before it was rejected, falling back down to sweep local lows. But it was a strong break below the trendline on the weekly that resulted in a powerful rebound at $6,450 after lows were swept, resulting in a $1,000 candle taking Bitcoin back to $7,400.

Breakdown From Trendline Could End The Secular Bull Market, Bring Forth a True Bear for BTC

The cryptocurrency is currently trading at roughly $7,200 at the time of this writing, and the market is currently confused as to if the defense of the trendline was indeed successful, and Bitcoin will push higher from here, or if this last surge was a final distribution pump before Bitcoin falls into its first-ever “true” bear market.

The cryptocurrency has said to be in a secular bull market on the highest timeframes, never falling into full bear territory on key indicators such as the MACD.

A break of this clearly vital trendline could be the last line of defense between Bitcoin’s next bull market, and a long-term bear market that could cause the cryptocurrency to fall completely out of favor, or even the complete destruction of the cryptocurrency industry leading to the bankruptcy of many crypto projects.

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.

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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.