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Livermore Accumulation Cylinder Suggests Bitcoin To Set New ATH Next Rally

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

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.

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 "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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