Bitcoin Weekly Candle Wicks Are Telling of Explosive Impulse Upward

Tony "The Bull" Severino

Last Updated: April 23, 2020 5:30 pm

2 mins read

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Bitcoin price just exploded, setting a new higher high following last month’s plummet to below $4,000. Is this the start of a new bull market as the halving looms closer?

Weekly candlesticks suggest that an explosive impulse upward is likely to occur, potentially making for the perfect pre-halving set up for a massive rally.

Bitcoin Price Weekly Candlestick Wicks Changing Direction Is Telling

The cryptocurrency market has been experiencing the longest stretch of extreme fear ever, according to the crypto market fear and greed index. Sentiment is so low and fearful, due to the recession, the coronavirus, and due to post-traumatic stress syndrome leftover from the catastrophic collapse on Black Thursday last month.

Bitcoin price collapsed from $10,000 to under $4,000, but in less than a month the asset has doubled in value, rising from $3,800 to $7,600 today with the new high set.

But when investors are fearful, it is the time that smart money becomes greediest and begins accumulating assets at low prices, while others miss the boat.

Bitcoin has been at the lowest price in well over a year, offering a value for investors who could buy the asset at a “fire sale” discount.

On the way up, each weekly candlestick left a wick to the upside, showing that each push into resistance was rejected before close. But the last two weekly candles, are showing wicks to the downside, indicating that the same resistance has flipped to support and that a strong impulse move upward is next.

https://twitter.com/stackinbits/status/1253136883648995335?s=21

Explosive Impulse Move Possible, Halving Could Provide the Trigger

With sentiment so low, and a recession essentially here, exactly what would be the driving force behind Bitcoin‘s impulsive explosion upward, if investors are simply too fearful to buy at these prices?

A few factors could have an enormous influence.

Bitcoin’s halving is just a couple weeks away at this point, and the event has long been expected to have extremely bullish implications for the cryptocurrency.

The idea is that supply is slashed, causing demand to outweigh the limited supply, and price rises. Coindicing with all of this, are weekly price charts showing a switch to bullish momentum, and stimulus packages flooding the economy with excess cash for some. Some of this cash flow could make its way into cryptocurrencies, especially with Bitcoin’s having here.

With a boost in incoming fiat, a massive devaluation of that fiat due to inflation, and a soon to be slashed BTC supply from the halving impact, this could be the ideal recipe for the next Bitcoin bull run.

Feature image from Pixabay

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.