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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin above the clouds ichimoku indicator

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The moment all crypto investors have been waiting for may finally be upon us: Bitcoin is about to enter a new bull market.

And while market participants have been saying it for some time now, this indicator first developed in the 1930s and still popular today points to Bitcoin’s new uptrend only just noq beginning, despite an already over 40% return year-to-date.

90-Year-Old Technical Analysis Indicator Signals Buy on Weekly Timeframes

Using technical analysis to chart across multiple timeframes is common practice for all types of traders, crypto, Bitcoin, or otherwise.

Lower timeframes are often paid the closest attention, as these dictate intraday price movements that the cryptocurrency community prefers to speculate over and makes for quick scalp trades.

Related Reading | This Insanely Bizarre Signal Called Bitcoin’s Top Three Times In A Row

But it’s the highest timeframes – daily, weekly, and monthly – that typically dictate the underlying strength of an asset and any trend direction.

A 90-year-old, Japanese technical analysis indicator is signaling that Bitcoin’s new uptrend is just getting started, according to an impending cross of the two Senkou spans.

In the chart below, the Senkou span A (in blue) and the Senkou span B (in red) lines on the Ichimoku indicator, are making a cross that signals an uptrend is starting.

bitcoin uptrend ichimoku cloud crypto

The last time this happened was in May of 2019 while Bitcoin was trading below $6,000. After the cross occurred, the leading cryptocurrency by market cap exploded upward by over another 130%.

Another 130% surge from current levels, would put Bitcoin at a new all-time high near $23,000.

In addition, price has broken into the Kumo on the indicator. Any break above it will further confirm a new uptrend.

Backing Up the Ichimoku Indicator Claims Of A New Bitcoin Bull Market

The Ichimoku Kinko Hyo is a technical analysis indicator designed in the 1930s by journalist Goichi Hosoda.

The journalist’s nickname was Ichimoku Sanjin, which translates to “what a man in the mountain sees.” This man in the mountain aptly named certain aspects of the indicator after what someone in his position would see, such as the Kumo, or cloud.

Related Reading | Ancient Math May Be the Key to Making Crypto Bull Market Riches 

The indicator was created to provide a graphic environment that offers analysts an “at a glance” look at all aspects of a market, including support, resistance, momentum, time, and more.

While there are a number of ways to use the indicator, the most common way is watching for a cross of the two Senkou span lines. Others include a twist in the cloud and more.

The indicator is widely used today, despite almost being nearly 100 years old.

Those that aren’t comfortable with such a tool, may feel more comfortable with more common technical analysis practices confirming a new uptrend in Bitcoin.

bitcoin ichimoku indicator uptrend

Even just drawing trend lines on weekly timeframes confirms that a breakout has occurred and that the strongest level of resistance has been flipped back into support. This also suggests that the latest pullback across the crypto space is may simply be a retest and confirmation of this resistance turned support.

If that happens, Bitcoin and the rest of the crypto market will enter an uptrend like the Ichimoku indicator suggests, and will likely bring about a new all-time high in the months ahead.

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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

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