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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

This Bitcoin Continuation Pattern Points To 3-6 Months Of Uptrend Ahead

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
Bitcoin

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Bitcoin price is pulling back after a strong finish in the crypto market last week. However, this past Sunday night’s weekend close was also the close of the 4-week BTCUSD chart, which has potentially confirmed a high timeframe continuation pattern.

If the continuation pattern is indeed valid, it could point to 3-6 months of an extended uptrend, making 2023 an extremely bullish year in the end. Here is everything you need to know about the bullish continuation pattern and what it could mean for the crypto market.

Bullish Candlestick Continuation Pattern To Light Up Second Half Of 2023

2023 has been an interesting year in the cryptocurrency market. Bitcoin has been mostly bullish, but nothing compared to what we’ve witnessed in the past — as recently as 2020. Meanwhile, altcoins have been long suffering an onslaught from the US SEC. This has kept Bitcoin further at bay against the US Dollar, while eating up altcoin capital on the BTC pair.

Despite an important week for the industry and BTCUSD setting a new high for the year, Bitcoin lost some momentum and is now trading below $30,000 per coin. However, before the correction happened, the 4-week BTCUSD candle also closed on Sunday night.

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The 4-week timeframe is slightly more sensitive than the monthly at between 2 to 3 days less, sometimes offering unique signals from the 1-month. Sunday night’s close forever marked the chart with the last candle necessary for a completed Rising Three Method pattern.

The Rising Three Method is a bullish Japanese candlesticks continuation pattern. It consists of a large white candle, followed by three small-bodied candles in a row. After the period of consolidation, a large white candle closes above the trio of black candles, engulfing them all.

Bitcoin Rising Three Method

The Rising Three Method pattern | BTCUSD on TradingView.com

Bitcoin Buyers Make A Statement: Rising Three Method Pattern Completes

The pattern shows that after a pause, buyers resume control. By making this statement, bulls could gain control of Bitcoin over the next 3 to 6 months. The reason for the timing, is due to the length of each candle’s session. After a Japanese candlestick pattern confirms, its expected results should appear within the next 3-5 candlesticks. 3-5 sessions of 4 weeks total, equals roughly 12 to 20 weeks, or around 3-5 months.

That timing would take any potential bull rally through the end of the year. For further validation of the fact upside should appear within 3-5 candles after a confirmed signal, we can see that a morning star pattern completed during the first candlestick close of the year. The second candle of the year was a doji, then this bullish continuation pattern formed. All of this combined tells a possible story of a continued bull market for the rest of the calendar year.

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The Japanese candlestick continuation pattern also comes with plenty of confluence through a confirmed bullish crossover of the LMACD. The technical indicator suggests a momentum shift supportive of more upside in Bitcoin.

Will this continuation pattern result in a strong bull market breakout?

This chart originally appeared in issue #12 of CoinChartist (VIP) alongside a dozen exclusive XRP, Bitcoin, and other charts. Subscribe for free.

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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