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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Two Shockingly Similar Price Charts From Other Markets Hint At What’s Next for Bitcoin

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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The crypto market, and more specifically Bitcoin, is at an important inflection point in its existence. Having become a household nearly overnight thanks to the late-2017 media blitz that fueled the cryptocurrency’s meteoric ascent to its all-time high price of $20,000, and the resulting bubble pop that led to the longest bear market on record, Bitcoin needs to once again prove itself in the eyes of investors that its here to stay.

As Bitcoin nears closer to the powerful support turned resistance at $6,000, a clean break of the former springboard and close above resistance could show investors and traders that it’s off to the races for a new bull market. Two separate charts from other financial markets appear to look eerily similar to the path Bitcoin took throughout the bear market until this important turning point, and could hint at what might happen next in Bitcoin price charts.

Turkish New Lira Chart Provides The Bullish Take on Bitcoin Price

In a recent tweet by prominent crypto trader CryptoWolf, the analyst shared a chart with shockingly similar peaks and troughs matching Bitcoin’s 2018-2019 bear markets, and could serve as a bullish prediction for Bitcoin’s path from here.

At that time this was pure hopium. pic.twitter.com/ywU2ggBIn5

— Wolf 🐺 (@IamCryptoWolf) May 3, 2019

The forex market chart shows the price action of the USD/TRY trading pair. As can be clearly seen, the chart showing the United States dollar paired against the Turkish New Lira very closely resembles each swing high and low of the Bitcoin bear market.

There’s even a V-shaped low following a blow-off top, that developed into what eventually became a failed Adam and Eve bottom. Later, an inverse head-and-shoulders much like the late June, early July bottom in Bitcoin, played out, but failed to reinvigorate bulls enough to end the bearish decline.

After that, support broke, painting a new low that quickly rebounded, revisiting previous highs within a matter of a couple months once candles closed back above the support turned resistance.

Related Reading | Bitcoin Trader: Big Money is Net Long, Re-Accumulation Expected at $10K 

Bitcoin is currently at that same support turned resistance that once broken, resulting in a trip back to the peak of the blow-off top. Should the same occur in Bitcoin, the price of the crypto asset could hit $20,000 by July if the chart plays out the same. But similar to the analyst saying that “at the time this was pure hopium,” any bulls thinking $20K is around the corner is relying solely on that “hopium.”

Silver Shows the Bearish Version for BTC

Of course, there are similarities to be found in many charts, as markets tend to cycle similarly. In the price chart for silver, which “posted 1000%+ parabolic gains,” then crashed, shows a similar trajectory as Bitcoin.

#Bitcoin vs $Silver$Silver posted 1000%+ parabolic gains/crashed$BTC too posted parabolic gains/drop$Silver found support at 200 Month MA$BTC found support at 200 Week MA$Silver found resistance at 50 Month MA$BTC struggling against 50 Week MA

(Comparison for Fun only) pic.twitter.com/aV5Xo9wlAn

— Trading Room (@tradingroomapp) April 30, 2019

Following the break of the parabolic advance, which chartists like Peter Brandt claim can cause the price of an asset to decline over 80% on average, silver found support at the 200-month moving average. Bitcoin on the other hand, found support on the 200-week moving average.

Silver then rallied from the support, eventually running head first into the 50-month moving average. Bitcoin is currently flirting with the 50-week moving average.

Related Reading | Tech Stocks, Gold, Oil, and S&P 500: Bitcoin ROI Beats Them All

Silver was unable to break through resistance caused by the 50-month MA, causing the asset to fall once again, this time breaking the 200-month moving average that had previously played support.

If Bitcoin were to fall from here, the 200-week moving average currently rests at roughly $3,450 and a break below it would likely lead to panic and new lows for the leading cryptocurrency by market cap.

As noted, Bitcoin is at an important point in its lifecycle and what happens next could impact its longevity as a financial technology.

Featured image from Shutterstock
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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
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