Bitcoin Price Surged More In 1 Hour Than Last Two Months Combined

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin is no stranger to powerful price movements, at times growing or declining in value by 20% to 50% intraday. As the bear market raged on, however, there has been a distinct lack of large green candles representing substantial Bitcoin price increases.

But that all changed this week when Bitcoin rallied, pushing the price of the leading crypto by market cap through resistance at $4,200 to over $5,000, setting the first higher high since its parabolic advance was broken back in December 2017. The violent rally took Bitcoin price higher in value in just one hour, than the prior two months of uptrend combined.

Bitcoin’s April Rally Makes Fool of February and March Uptrend

Prior to the current uptrend that began in early February, Bitcoin had closed a record six consecutive monthly red candles in a row. When both February and March closed in green, bulls rejoiced. However, the most recent Bitcoin rally easily bested both months in terms of value risen in just a one-hour candle, than the prior two entire months combined.

The uptrend began on February 7, when the leading cryptocurrency by market cap had neared support at the 200-week moving average, causing a strong bounce that many traders had been expecting. What they didn’t expect, is for the uptrend to continue over the next two months, taking Bitcoin out of the current trading range and above $5,000 for the first time in 2019.

During February, the price rose from a low of $3,350 to a February monthly candle close at around $3,800. In March, the price rose from the February close, slowly, until it touched the previous high at around $4,150 at the close of March. The entire move from early February through the end of March, brought the price of Bitcoin up by $800 in total.

pic.twitter.com/ATav8NtkfE

— lowstrife (@lowstrife) April 3, 2019

Yesterday’s rally candle, however, rose from $4,150, before topping out around $5,100, representing an approximately $950 gain in the opening days of April. The total rise in the one hour window grew $150 more than the previous two months combined, or a total of 59 days.

April has historically had some of the largest green candles across the cryptocurrency’s price charts, with last April playing host to the massive “short squeeze” that took the price of Bitcoin from $6,700 to over $8,000 in a single move. That rally, was swatted down by bears back to lows, however, this current rally comes as the 2018-2019 bear market winds down, and sellers begin to lose momentum.

Should Bitcoin continue to climb from here, the crypto community will become increasingly confident that the bottom is in, and the next bull run is near.

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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.