The One Line In Bitcoin Everyone In Crypto Is Watching

Tony "The Bull" Severino

Last Updated: June 11, 2024 1:57 pm

3 mins read

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Bitcoin price is currently flirting with a downward trend line that thus far has capped off any further upside. It is also what led to the sizable drop and historic quarterly close.

Because all eyes are likely on this major trend line preventing the top cryptocurrency from further new highs, any reaction at this level should be especially notable. Here is a closer look at the trend line and what might happen when it ultimately breaks.

One Line Could Prevent Bitcoin Price From New All-Time Highs

As this article gets typed, the urgency to hit publish is increasing, as Bitcoin price is making a push through this very trend line in reference.

Related Reading | The Idea That The Bitcoin Bottom Is In Is Broadening

The trend line is what stopped the bull rally of 2021 in its tracks, and a second touch caused a 50% collapse across crypto. The third touch could be the charm that sends the top cryptocurrency slicing right through it.

The entire market is watching this trend line | Source: BTCUSD on TradingView.com

Bitcoin has thus far struggled to get through it, but consolidation below resistance is typically bullish. The trend line also could be the last thing stopping from a variety of bottom patterns and signals from confirming.

BTCUSD Bull Flag Breakout Has Potential Target Near $300,000

Now only would a break of the trend line confirm a potential bump and run reversal bottom and a broadening wedge bottom formation, but it could confirm a potential high timeframe bull flag in Bitcoin.

A bull flag is characterized by having a long “pole” that is an overwhelming breakout from resistance and powerful move by bulls. These moves are typically accompanied with high volume. When the move comes to its climax, a downward sloping channel forms the “flag” component.

If the bull flag breakout is confirmed, the target is near $300K | Source: BTCUSD on TradingView.com

The downward sloping price action gives bears the indication that they are winning the fight, but bulls continue to buy at each low and eventually make another surprise push the yields similar results. A bull flag’s target is taken by measuring the length of the pole, and applying it to the breakout of the flag at the top trend line.

If that’s where Bitcoin price is currently, the target of the pattern would be upwards of nearly $300,000 per coin. Interestingly, simply by taking the last bull market and juxtaposing it from the bear market bottom on, it would project a peak of $325,000 per coin, or not far off from the target of this potentially bullish pattern.

Text book bull flag could be breaking out in #Bitcoin pic.twitter.com/vdAAUqgzYJ

— Tony "The Bull" Severino, CMT (@tonythebullBTC) August 6, 2021

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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.

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