Crypto Analyst: Bitcoin Price Forming Symmetrical Triangle, 60% Chance of Continuation

Tony "The Bull" Severino

6 years ago

3 mins read

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All eyes are currently on Bitcoin price, as the leading crypto by market cap has taken a pause in its parabolic advance, and the market watches and waits to see which direction the value of the asset goes in next.

After the longest bear market on record, market participants are still in disbelief. Meanwhile, the bullish momentum is undeniable as Bitcoin sliced through resistance at $6,000, $7,000, and even $8,000 with relative ease before taking a much needed breather. According to one prominent crypto analyst, the indecision has caused Bitcoin price to form a symmetrical triangle, which typically indicates a 60% chance of continuation from the direction the initial advance was made – in this case, a continuation to the upside and an attempt at $10,000.

Bitcoin Symmetrical Triangle To Resolve in Two Weeks, 60% Chance of Break to Upside

Price charts across all financial markets all at one point or another will form repeating patterns that investors, traders, and analysts alike will use as part of their technical analysis in hopes of predicting future movements. These patterns are often created due to the emotion-driven buying and selling and overall market participant psychology in reaction to price swings.

Depending on how sentiment is skewing, these patterns can appear more bullish or bearish, while others can be neutral, signaling indecision across the market.

The symmetrical triangle is one of those neutral patterns, and Bitcoin is currently in the process of painting a rather large one at the top of its recent parabolic advance, according to crypto analyst GalaxyBTC. The pattern shows a down-trending volume profile accompanied by an increasingly tightening range. According to Bullkowksi’s The Pattern Site, a symmetrical triangle breaks upward 60% of the time, after it reaches roughly 73% of its way toward the triangle apex.

$BTC is currently forming a symmetrical triangle and that means a 60% chance of breaking upwards on its way to $10K.

It's important to keep a closer look because when it will confirm a direction, alts will retrace.

But for now, we have approx 2 weeks to enjoy the altcoin party. pic.twitter.com/lD3KoZb4va

— Galaxy (@galaxyBTC) May 22, 2019

The target of the triangle has Bitcoin making an attempt at over $10,000, which could spark additional upward movement as many financial analysts assert that this zone will be a very important FOMO trigger across retail and institutional investors not wanting to miss out on the next Bitcoin bull run.

Two Weeks Left to Enjoy Altcoin Party, Claims Analyst

When Bitcoin trends sideways, altcoins often rise. However, alts sometimes fall when Bitcoin rises or rise along with it. According to the analyst, once Bitcoin’s symmetrical triangle confirms which direction it wants to break out in, alts will begin to retrace any gains they experienced during the sideways price action.

Given the fact that symmetrical triangles often resolve around three quarters of the way through their journey toward the triangle apex, this gives roughly two weeks to “enjoy the alt coin party.”

Featured image from Shutterstock

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.