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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Today Is Critical For Bitcoin, And Could Dictate The Trend For Weeks To Come

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
ethereum evening star

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All eyes are on Bitcoin price once again, as the largest cryptocurrency by market cap has recently made several attempts to break out of downtrend resistance.

But as the recent rally has begun to fizzle out, an ominous candlestick pattern is potentially forming, which suggests that today’s close is especially critical and could determine where Bitcoin goes for the days, weeks, and perhaps months to come.

Bitcoin Price Daily Close Is More Critical Than Usual

On December 18, 2019, Bitcoin price touched $6,450, setting a local downtrend low, before the first-ever cryptocurrency went on a rally all the way to $8,900, reviving talk of a new bull run about to begin.

Related Reading | Bulls Beware: Last Bitcoin Downtrend Breakout Led To Bear Market Lows 

But before Bitcoin could break out from the downtrend, the strong resistance stopped the cryptocurrency in its tracks, causing last night’s daily candle to close as a doji. Dojis normally signal uncertainty about price action.

Even more significant than last night’s close, will be today’s daily close at 7PM ET tonight. However today’s candle closes will serve as a strong statement by either bulls or bears, and one which will likely dictate the trend for the next few months.

https://twitter.com/moe_mentum_/status/1217616704643260418?s=21

Will the Evening Star Pattern Confirm More Downtrend Ahead?

According to the study of Japanese candlestick patterns, a cornerstone of technical analysis, a strong, bullish candle, followed by a doji, and then a strong bearish candle, is considered an evening star pattern, and one of the most reliable indicators that a short term trend is reversing.

However, the day is still young, and Bitcoin bulls could push the price of the cryptocurrency significantly higher, closing out the day with a statement that bulls are now in charge.

An evening star doji is only considered a valid, confirmed pattern after the third candle close, and it must close bearish, below the price of the middle doji candle body.

The way the pattern is traded is a stop loss is placed above the middle candle, as bears would remain confident that bulls are unable to push the price of the first-ever cryptocurrency higher than this level.

Related Reading | This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum’s Final Bottom

The resulting price action should lead Bitcoin to another decent, although a new low isn’t guaranteed. After six months of a downtrend, and two full years of a bear market, Bitcoin and other cryptocurrencies are bound to rebound eventually into a new bull cycle, however, it’s never clear when this trend change takes place and is only visible in hindsight.

But before investors start thinking about the gains of the future, Bitcoin needs to close today’s daily candle bullish, or else bears will be back in charge for the weeks to come.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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