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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Technical Indicator Confirms New Uptrend After 16 Months of Red

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

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Ever since last week’s Bitcoin rally that broke through critical resistance at $4,200, bulls have appeared to be back in charge. What is still unclear at the moment, is if the bottom of the 2018-2019 crypto bear market is in, and the early signs of a new bull run are beginning.

Giving further merit to bulls claiming the bottom is now behind us, one specific Bitcoin technical indicator has turned bullish for the first time in 16 months, which according to many confirms that a new uptrend has begun.

Bitcoin Super Guppy Multiple Moving Average Indicator Flips Bullish

The crypto bear market has been hard fought by bulls, who eventually succumbed to bearish sell pressure in November, causing a break of repeatedly tested support at $6,000. The violent move down took Bitcoin into a new trading range, touched its local bottom, and began a multiple-month accumulation period.

Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value 

Investors and traders can only know a bottom was indeed the final bottom in hindsight. Until a new bull trend has long been confirmed, the market will continue to wonder if Bitcoin and other cryptocurrencies may test new lows.

However, one particular technical indicator for Bitcoin has flipped bullish for the first time since the bear market began back in early 2018, following the break of Bitcoin’s parabolic advance to its all-time high price of $20,000 in December 2017.

https://twitter.com/josh_rager/status/1115825753747283968?s=12

According to crypto analysts, the Bitcoin Super Guppy indicator turning green is confirmation that a new uptrend is here. If this uptrend turns into another full blown bull market is still anyone’s guess, but if bulls follow through with conviction it could revive the FOMO and hype that drove the 2017 crypto bubble.

Guppy, Whales, and Other Big Fish

The indicator, called the “Super Guppy” takes multiple moving averages – both short- and long-term moving averages – and averages them in such a way that can help traders spot changes in trends, breakout confirmations, and other potential profit opportunities. The indicator is named after its creator, Australian trader Daryl Guppy.

Related Reading | Crypto Analyst: Break of Current Bitcoin Resistance Will Commence Bull Run 

Now that the Super Guppy has confirmed a trend reversal, the whales that accumulated Bitcoin during the extremely brief stint in the $3,200 to $4,200 trading range should be looking to mark up the price of their assets sooner than later. The sudden surge in pricing, followed by additional bullish momentum, could cause the bear and bull cycle to occur at a faster pace than previous cycles, resulting in a new all-time high sooner than expected.

Feel cute might delete later $btchttps://t.co/dfVH9p8b5q

— filbfilb (@filbfilb) April 10, 2019

Crypto analyst FilbFilb has shared a previous chart created that outlines what a faster cycle might look like, with one scenario bringing Bitcoin to a new all-time high peak coinciding with the next halving in May 2020. The other scenario has Bitcoin peaking again shortly after halving, closer to July 2021.

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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.

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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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Created by industry experts and meticulously reviewed
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