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Crypto Analyst: Bitcoin Price Chart Shows Textbook Bump and Run Reversal Bottom

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin price is at a critical juncture. The price of the first ever cryptocurrency has rallied far enough away from the current bear market low of $3,150 to give bulls confidence that the worst is behind them, but is still shy of a break of $6,000 that would confirm the bear market is over.

As traders, investors, and analysts review Bitcoin price charts to better determine if the bottom is indeed in, one particular crypto analyst has discovered similarities between Bitcoin’s price chart structure and that of textbook examples of a bump-and-run reversal bottom. Examples from the textbook provided by the analyst could help crypto traders understand what two scenarios could play out in the coming days for Bitcoin.

Crypto Analyst: Bitcoin BARR Bottom Means “Bears Are Fucked”

At the start of April, Bitcoin rallied nearly $1,000 in a matter of an hour, breaking through resistance at $4,200 and skyrocketing toward $5,000 where it is currently ranging. The powerful move took the price of Bitcoin nearly $2,000 higher than its current bear market bottom, restoring bullish sentiment throughout the market and painting the first higher high since December 2017.

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Related Reading | Bitcoin Technical Indicator Confirms New Uptrend After 16 Months of Red

Indicators, analysts, and more, are all suggesting that a bottom is indeed in for the price of the leading cryptocurrency by market cap. The current bottom structure has been referred to by crypto chartists as an ascending triangle that broke up, an Adam and Eve bottom, and more. However, one particular analyst claims the price structure in Bitcoin more closely resembles a “textbook bump-and-run reversal bottom, and even offers up the textbook examples for comparison.

$BTC. Literally a textbook BARR bottom. Hint: This means bears are fucked. pic.twitter.com/5ZUMGCXMIt

— b.biddles (@thalamu_) April 14, 2019

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Crypto trader B.Biddles shared a Bitcoin price chart via Twitter side-by-side with a textbook figure representing what a bump-and-run reversal bottom looked like in the price of Bethlehem Steel Corp shares. The structure is described as a steep “drop-off” following a lead-in phase. After that, the price moves in a narrow range before pushing higher, creating a rounded “bump” bottom before making a “run” upward.

The analyst says that the chart structure means “bears are fucked.”

But Bears Still Have Time to Send Bitcoin Back to New Lows

However, bears are not done putting up a fight just yet, as the price of Bitcoin has been stopped in its tracks and is currently consolidating above $5,000.

Important to note: the pattern is still undfolding and could fail. That said, combined with bullish fundamentals, adoption, and positive press, my leaning is still upwards. pic.twitter.com/fJdWg9VUBv

— b.biddles (@thalamu_) April 14, 2019

The trader also shared another example from the textbook, this time showing what the pattern might look like if it fails, and warns crypto investors that the current price patter on Bitcoin charts is still “unfolding” and “could fail” just like the textbook example from Apple Computer Inc.

Related Reading | Bitcoin Price Weekly Candle Could Be Omen Of Painful Drop Incoming

In the example, the ascent is rejected and a throwback to the trendline leads to further downward movement. If Bitcoin is rejected, bearish sentiment should once again reign supreme, and a plummet down to new lows would be very likely as the market began to panic sell once again.

Feature image from Shutterstock
Tags: b.biddlesBear marketbitcoinbitcoin pricebump and run reversal
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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