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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Double Dragon: Is Ethereum Ready For Violent Reversal?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
ethereum dragonfly doji

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Ethereum continues to struggle amidst the current vicious and volatile market environment caused by the coronavirus outbreak and recession on the horizon.

But following a historic market collapse that wiped out nearly all of the asset’s gains thus far this year, Ethereum may finally be ready for a violent reversal after a pair of dragonfly doji have formed two weeks in a row on ETHBTC price charts.

Ethereum Thus Far Fails To Hold Up Against Current Crisis

Ethereum kicked off 2020 as bullish as can be, surging over 100% in just a couple of short months due to the rapid growth of the decentralized finance industry that Ethereum is often considered the backbone of.

The number two cryptocurrency by market cap led the market in rallying, and Ethereum and other altcoins vastly outperformed Bitcoin during this time.

Related Reading | Investor: Ethereum Is Poised To Replace Wall Street’s Archaic Back End

But the coronavirus crippling the economy proved to be far too much for Ethereum to withstand, and it and the rest of the cryptocurrency market came tumbling down, setting a new low for the year on USD pairs.

On the ETHBTC trading pair, however, things are looking a lot more bullish now that the asset has stabilized following the crash.

Double Dragonfly Doji on ETHBTC Pair Could Signal Powerful Reversal

Although Ethereum retraced significantly against Bitcoin after the early 2020 breakout caused the altcoin to outperform the first-ever cryptocurrency, ETHBTC is showing signs of a strong reversal.

According to weekly ETHBTC price charts, the last two weeks in a row have closed with dragonfly doji candlesticks.

double dragonflys on $ETH weekly 🐉🛩️ pic.twitter.com/RYL7bG7uS7

— tunez (evm/acc) 🎮 (@cryptunez) April 6, 2020

A dragonfly doji is formed when the asset’s high, open, and close prices are roughly the same.

The wick on either end shows aggressive buying and selling that resulted in a stalemate. The longer wick on the buying end shows that bulls were more aggressive than bears.

Doji are Japanese candlestick formations that typically indicate indecision.  When this occurs at the bottom of a downtrend, it suggests that sell pressure is weakening and a powerful reversal could be brewing.

A pair of two dragonfly doji is rare, and even more significant, suggesting that bulls and bears have been equally matched. However, following weeks of downtrend, this could signal that bears are about to lose control, and bulls could push the price of the asset considerably higher.

Related Reading | Ethereum Buy Signal Hints At Sustained Bitcoin Outperformance

If Ethereum can hold at current levels, given the candlestick formations found at the bottom of the swing, a powerful surge could be next.

However, with all of the uncertainty surrounding financial markets currently due to the coronavirus and coming recession, the indecision the dragonfly doji is calling attention to could be nothing more than a pause for air before downside resumes.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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