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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

This Tool Says Bitcoin Price Is About to Rip, But In What Direction?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin price crypto bollinger bands with

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Bitcoin price has risen by over 50% year-to-date, from lows around $6,800 to as high as $10,500 at the recent peak. But just as the price action begins to stabilize, one technical analysis tool has reached a level that has in the past preceded some of the largest moves in Bitcoin yet.

When the tool reaches this level, it suggests that Bitcoin is about to “rip,” according to one crypto analyst. But in what direction will Bitcoin price head?

Bitcoin Price Ready to Rip, According to Technical Analysis Tool

Following six months of downtrend starting in mid-2019, Bitcoin price found a local bottom around $6,400 in late December, and just two months later has risen well over 60%.

Over 50% of the gains were added since the start of 2020, and up until this last week, the crypto market had shown no signs of slowing down.

Related Reading | This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started 

But a few rejections on daily timeframes have caused the rally to stop in its tracks but failed to cause a deep correction.

The lack of a clear direction has caused the first-ever cryptocurrency to trade sideways within a narrowing range, causing Bollinger Bands Width to reach a level that in the past, has triggered an extremely explosive move.

In drawing attention to the potential explosive price action that’s coming, one crypto analyst says that the tool is suggesting that Bitcoin “is about to rip,” but that the direction in which the crypto asset will head toward is anyone’s guess.

#Bitcoin $BTC

The tight @bbands indicate that we are entering the zone where the corn is about to rip

Are you going to be on the right side of the trend? pic.twitter.com/SXl6KBZ027

— Goomba (@im_goomba) February 24, 2020

If Bitcoin price were to plummet downward, much of the recent parabolic rally could retrace back to prices around the low $7,000 range, giving crypto investors the opportunity to buy sub-$10,000 Bitcoin yet again.

However, a break upward from the low metrics could cause an explosive break of overhead resistance, and one that causes a shocking move higher.

Bollinger Bands Width Accurately Predicts Explosion in Price Volatility

Using Bollinger Bands Width to predict when explosive movements occur has worked with incredible accuracy throughout the 2019 downtrend that lasted from June to December.

The first major break below 0.15 on the Bollinger Bands Width chart, caused Bitcoin’s first major $2,000 drop in late September 2019.

bitcoin price bollinger bands width crypto

A break back above that level a month later caused the historic “China pump” that set records for one of Bitcoin’s largest one-day moves in its history.

The next time it fell below that level, Bitcoin price rocketed down to lows in the mid-$6,000 range.
Once there, it held there for nearly a full month, until a break back above that line caused the recent uptrend from $6,800 to $10,500.

Related Reading | This Insanely Bizarre Signal Called Bitcoin’s Top Three Times In A Row

This past week, Bitcoin price fell back below 0.15 on the Bollinger Bands Width chart for the first time since the rally began, suggesting that yet another powerful move will cause Bitcoin to “rip” form this level in one direction or the other.

But which direction will it be?

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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.

Read more

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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Reason to trust

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The highest standards in reporting and publishing
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