Crypto Analyst: Bitcoin May Monthly Candle Close Confirms Bull Market or Accumulation

Tony "The Bull" Severino

1 year ago

2 mins read

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As Bitcoin price nears closer to important resistance at $6,000, it’s clear that the leading cryptocurrency by market cap is at an inflection point, and where it goes next could set the tone for the following months to years.

An early April rally made the month an easy green close for Bitcoin, as the price of the crypto asset rose over $1,000 in the matter of an hour, breaking through resistance and kickstarting a bullish rally. Bulls rejoiced over April’s close, the third consecutive green monthly close in a row. How Bitcoin closes in May, according to one crypto analyst, will determine if the cryptocurrency is locked in an accumulation phase or if a full-blown bull market is back.

Red May Close Suggests Bitcoin Accumulation, Green Close Says Bulls Are Back

While Bitcoin indeed closed green for the third monthly candle in a row, and is in the process of painting a fourth in the green as the price of the leading crypto by market cap continues to climb, all eyes are on the May monthly close.

Prior to the first of the three green months, starting in February 2019, Bitcoin closed a record-breaking six consecutive monthly candles in red. The brutal beating inflicted by bears was enough to cause such panic in the crypto market, most investors missed buying the bottom of Bitcoin price charts, due to fear or greed – wanting to buy in at lower prices.

If Bitcoin closes the month red, prominent crypto analyst Bob Loukas claims that Bitcoin will have entered its accumulation phase following the bear market, and before a bull market resumes. However, if Bitcoin closes May in green, it could signal that a full blown bull market is back in effect, as the trader states that the asset has only closed four consecutive green candles or more during a bull phase.

#bitcoin working on 4th straight Green Monthly candle. That only occurs in the heart of a bull market.

3 green candles are locked in. We've never seen that in a bear market.

I bet we close May red, and that would tell me we're in accumulation phase of the next bull. $BTC pic.twitter.com/fW1TAAV2AU

— Bob Loukas 🗽 (@BobLoukas) May 6, 2019

Analyst: The Bear Market Is Over, Long Live the Bulls

The trader also claims that the third consecutive monthly green candle close signals that the bear market is over. Throughout Bitcoin’s history, it has never closed three monthly green candles in a row during a bear trend.

Most crypto analysts look to the 2014-2015 bear market to attempt and glean insights from Bitcoin price history. After the bottom was set on the last bear market, Bitcoin entered a long accumulation phase, as can be seen with the alternating red and green candles.

It wasn’t until late 2016 when Bitcoin began its bullish ascent once again, taking the price of the crypto asset from $1,000 to $20,000 at its December 2017 peak. A clean break of $6,000 and a monthly close above it would be the best proof yet that bulls are back in control of crypto markets.

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.