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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 Holds Above The Clouds As Bulls Prepare For Heavenly Monthly Close

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin bull cloud heavenly

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Bitcoin’s powerful 2020 rally may have taken a short pause, but the cryptocurrency holding strong above the one-month Ichimoku cloud could be a sign that more upside is coming soon.

However, a comparison to the last Bitcoin market cycle shows that the cloud could rain on bulls’ parade any day now, causing the last correction before the bull run begins.

Bitcoin Price Holds Above Monthly Ichimoku Cloud, Bulls Must Reclaim Support

All eyes are on Bitcoin as the cryptocurrency embarks on its next moon mission. But like any rocketship heading off toward its final destination, it must first make it through the clouds and eventually break out of the atmosphere.

For Bitcoin, however, on monthly timeframes, the cryptocurrency is currently trading above the Ichimoku cloud and holding strong. If it can hold this crucial support level, next stop is a push toward atmospheric resistance at the asset’s former all-time high of $20,000.

Related Reading | Why This Weekly Close In Bitcoin Is Critical For Bullish Continuation

If the cryptocurrency can get through there, the laws of gravity will no longer be holding Bitcoin back from its new bull run.

bitcoin btcusd ichimoku cloud monthly

BTCUSD Monthly Ichimoku Cloud Support Holding | Source: TradingView

Could The Celestial Support Be The Key To The Next Cryptocurrency Bull Run?

Although the first-ever cryptocurrency has been in a bear market for three years now, Bitcoin price only closed below the monthly Ichimoku cloud for the first time in December 2019.

Following that close, the January candle retested the cloud as support turned resistance, but failed to get back through. February’s top was rejected by the monthly Ichimoku cloud, back down to Black Thursday lows.

Related Reading | This Tool Has Called Nearly Every Bitcoin Top, And It Just Triggered Again

There, the cryptocurrency refueled its tanks and spent two more months below cloud resistance. The July surge sent Bitcoin flying above the clouds, where it is currently holding.

bitcoin btcusd ichimoku cloud 2016

BTCUSD Monthly Ichimoku Cloud 2016 - 2020 Comparison | Source: TradingView

Past Bitcoin market cycles show that after holding above the cloud for the first time, the asset could not hold support, and fell back down through the cloud one last time.

After that final drop, Bitcoin price made it back above the Ichimoku cloud in October 2016. At the time, the cryptocurrency was still trading below $700 per BTC.

Four months later, Bitcoin broke its former all-time high. A full 14-months later, the cryptocurrency was trading just under $20,000 per coin. The rally brought investors as much as 2700% return over the next year, plus.

Could a similar rally happen again if Bitcoin price holds strong above the Ichimoku cloud?

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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

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

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