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Home Cryptocurrency news Bitcoin

Livermore Accumulation Cylinder Suggests Bitcoin To Set New ATH Next Rally

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin price crypto ath
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Bitcoin price may be under $10,000 for days now, but bears have still yet to push the price per BTC to new local lows and breakthrough support in the mid to low $9,000 range.

If the support continues to hold, so will the bottom of what appears to be a Livermore Accumulation Cylinder that could next be targeting a new all-time high in Bitcoin price in the days ahead.

Bitcoin Is In Legendary Trader’s Favorite Pattern: Livermore Accumulation Cylinder

While Bitcoin’s bullish parabolic advance was rejected at $13,800, the leading crypto asset by market cap has spent the last few months consolidating before it finally chooses the next short term direction.

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Related Reading | Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect 

And while the market is currently bearish on Bitcoin after repeated bounces below $10,000 failed to lead to a sustainable rally, if this support continues to hold, the next stop could be a new all-time high once Bitcoin price breaks out of the current consolidation range.

According to Adaptive Fund analyst Adam Taché, Bitcoin price is actually ranging inside a Livermore Accumulation Cylinder. The Livermore Accumulation Cylinder was popularized by Massachusetts-born American investor Jesse Lauriston Livermore – who was known to be one of the greatest traders to ever live.

https://twitter.com/adam_tache/status/1168324769395150854?s=21

Livermore’s theory involved what is more commonly defined as an ascending broadening wedge, that takes place over larger time periods. Inside this upward-sloping broadening wedge, strong accumulation takes place at key supports, and each support is used to propel the price of the asset higher and higher. At the end of the structure, there is an extremely powerful breakout to the upside, which could once again cause Bitcoin price to go parabolic.

The theory suggests that not only will this happen, but a new all-time high is the next stop in the pattern. If the pattern is indeed valid Bitcoin price will reach around $25,000 next, before falling back down to the top of the current trading range at around $12,000 to confirm is as resistance turned support.

Related Reading | Indicator Gives First Bullish Signal Since Bitcoin Price Bottom

After that, well, Taché will need to expand on his chart as it is running out of headroom for Bitcoin to stretch its arms out to.

Taché is well respected in the crypto community, and the analyst is responsible for the Bitcoin Rabbit Hole – a collection of important Bitcoin-related reading material and reference guides, personally curated by Taché.

It’s worth noting that Livermore’s favorite short set up, according to career trader, Peter Brandt, was to short the blow-off top that occurs after a Livermore Accumulation Cylinder plays out. If the Livermore Accumulation Cylinder does indeed play out, a short of the blow-off top could be among the most lucrative trades ever, given how hard Bitcoin falls once it starts to.

Tags: bitcoinbitcoin pricecryptolivermore accumulation cylinder
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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 and feel free to drop me a line if you would like to work together.

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