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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Ready For Display Of Strength, But Which Direction Will It Break

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin direction

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Bitcoin price is still trading in the mid-$30,000 price range for what has been more than 50 days now. Only a few weak attempts to push prices lower have been made, and bulls were able to defend each time.

Bulls have been even weaker, however, putting all their energy and buying power into support and have also failed to produce any substantial upside. A technical indicator suggests the tension and exhausted trading range is ready for a big break, but in which direction might the cryptocurrency head next?

Relative Strength Index And The Bullish Take On Bitcoin

The Relative Strength Index is yet another tool developed by J. Welles Wilder Jr. Another tool this “father” of technical analysis created was heavily discussed recently – the Average Directional Index. The engineer is also responsible for the Parabolic SAR and Average True Range.

The RSI is the most popular of the bunch, and traders use it to reliable read when Bitcoin and other cryptocurrencies are overbought or oversold. In speculative assets like crypto, these conditions can remain a lot longer than one would expect.

Related Reading | Building The Case For A Potential Bitcoin False Bottom

Price action can also diverge away from following the same movements of the RSI gauge, which could be a signal of a weakening trend.

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Breaking up from these patterns could resume the uptrend | Source: BTCUSD on TradingView.com

The RSI can also react to support and resistance or follow along trend lines just like price action, and the recent sideways trend has resulted in two tightening trend lines on the tool that are about to pop one way or the other.

A bullish falling wedge pattern points to a retest of $50,000, but because technical analysis is a constantly developing study, there’s a chance the pattern isn’t as bullish as it appears to be.

The Unbiased Bearish Take That Suggests A Fall To Former ATH

For every bullish pattern, there’s a bearish pattern lying in the wait. The last time the market was convinced there was a bullish pattern ready to send Bitcoin higher, it was a bearish rising wedge pattern in disguise. This pattern was the local top, and send the crypto market crashing by more than 50%.

The sideways price action has resulted in several higher lows, yet the same lows again and again. If this price action sounds familiar, that’s because it is the description of a descending triangle, which has in the past has been the most dangerous pattern crypto.

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Things could get nasty if the RSI breaks down instead | Source: BTCUSD on TradingView.com

The RSI trend line is symmetrical and could break bullish or bearish, and if the triangle formed breaks down instead, it could cause the price pattern to confirm and follow.

Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal

Based on the measure rule, the target of the descending triangle would be almost exactly the former all-time high of Bitcoin.

Which direction will the top cryptocurrency ultimately break?

Follow @TonySpilotro on Twitter or via the TonyTrades Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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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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