Bitcoin Closing Above This Level Triggers The Most Profitable Buy Signal Ever

Tony "The Bull" Severino

1 year ago

3 mins read

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The most significant confirmation that Bitcoin is about to begin a new bull run could arrive as soon as tonight’s daily and weekly close.

Post-Halving BTC: Will 2020 Be The Year of The Bull Market Returns?

2020 is gearing up to be the year of Bitcoin.

All eyes were on the cryptocurrency to start out the year. BTCUSD rose from December 2019 lows around $6,500 to as high as $10,500 in a matter of weeks.

The ascent was fueled by pre-halving hype – a now-past event that reduced the block reward miners receive for powering the network.

The 12.5 BTC reward was slashed to just 6.25 BTC, but required the same amount of energy to validate each block. It’s only the reward that shrinks.

When the cost of production far outweighs the profit generated in BTC, miners capitulate and turn off their energy-hungry machines.

Due to this, the longer-term impact the May 2020 halving could have on miners and their profit margins is significant and not fully understood.

But before the highly anticipated day could arrive, the early 2020 rally was cut short due to the pandemic and resulting market selloff.

Bitcoin price collapsed, however, the remaining halving hype brought prices back to $10,000 quickly. Investors expected it to spark the next bull market.

Now the event has passed, the cryptocurrency has been trading sideways waiting for an important signal to trigger.

That day very well could be today, if Bitcoin price closes tonight’s daily and weekly candle above $9,230.

A #Bitcoin Hash Ribbon "buy" signal is 𝗳𝗼𝗿𝗺𝗶𝗻𝗴 today.

If price closes this daily above ~9230, it will be confirmed.

— Charles Edwards (@caprioleio) July 12, 2020

Most Profitable Signal Ever: Hash Ribbons To Signal Buy With Bitcoin Price Close Above $9230

If Bitcoin price can then end the day above the level, it will trigger a “buy” signal on the Hash Ribbons indicator, according to Bitcoin expert Charles Edwards.

The tool turns mining difficulty and hash rate into moving averages that can signal when miners are capitulating. When this is over, the indicator will give a buy signal.

Throughout Bitcoin’s history, there’s never been a more profitable buy signal.

BTCUSD Hash Ribbons Daily | Source: TradingView

Working backward, the last time this signal triggered was following Black Thursday before Bitcoin rocketed to over $9,000.

Prior to that, the buy signal sparked the early 2020 rally to over $10,000.

The signal before that resulted in nearly 300% returns and took Bitcoin to $14,000.

And before that, the signal resulted in over 2,000% ROI and the cryptocurrency’s rise to its all-time high. This buy signal followed the asset’s 2016 halving – and was the last signal before the historic crypto bull market started.

On average, the Hash Ribbons buy signal are among the most profitable in the cryptocurrency space. It also has resulted in minimal drawdown after the signal triggers.

The tool signaling “buy” today could suggest that Bitcoin price won’t remain under $10,000 very long. And once it breaks above the key level, it may never again look back at prices less than five digits.

This all could start with a close tonight of over $9230 in BTCUSD.

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.

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