Crypto Analyst Warns That A Bitcoin “Hell Candle” Is Coming

Tony "The Bull" Severino

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price is now over $13,550 and only a few hundred dollars away from setting a higher high and confirming a bull market. But also right around the corner, according to one top crypto analyst, is a “hell candle” in Bitcoin that will crush the cryptocurrency’s recent rally and potentially cause a reversal.

Beware Of Bitcoin Hell Candle If Leg Up Continues

Bitcoin and other cryptocurrencies are wildly volatile and experience extreme price swings in either direction and can behave unpredictably.

Even when assets are trending hard in one direction, it isn’t uncommon for out of nowhere a reversal and a strong move in the opposite direction to occur.

According to crypto analyst and trader Cole Garner, a “hell candle” is coming in Bitcoin. Garner shares a chart with an indicator that appears to forewarn the trader when the cryptocurrency is about to rug pull investors and liquidate traders.

Garner points to two prior instances, both that arrived after the first-ever cryptocurrency reclaimed a key resistance level as support.

Cole Garner's indicator signals a hell candle is coming | Source: BTCUSD on TradingView.com

Is The Third Strike “Out” For The Crypto Market Uptrend??

The first “hell candle” as Garner refers to them, took place in May 2020 just ahead of the cryptocurrency’s block reward halving event. The bullish event is regarded as the shift in supply that causes valuations to skyrocket.

The second “hell candle” arrived along with the start of August – a month that sent altcoins into overdrive. Bitcoin continued to chop, then eventually dropped back to $10,000 where a critical retest took place.

The bullish confirmation is what helped propel Bitcoin up through $12,000 and to current levels around mid-$13,000. Garner says, that if we get one more “leg” up, then there are high chances that bears swat Bitcoin price spiraling back down, at least it in the very near term.

The third “hell candle” could crush euphoric cryptocurrency investors, who have their heads currently in the clouds after such an incredible rally, even in the face of so many challenges.

A second wave of the pandemic, a controversial election, and even a sinking stock market nor the threat of BitMEX being taken down has managed to make even the slightest dent in the cryptocurrency’s uptrend. Will it continue into the new year or will the coming hell candle stop it?

Featured image from Deposit Photos, Chart from TradingView.com via Cole Garner

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.

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.