Analyst Spots Trend Suggesting Incoming Monster Bitcoin Rally – CCN Markets

Many armchair traders are so focused on the short-term price movement of bitcoin that they forget to look at the big picture. For instance, the widely-followed analyst cryptoamd is expecting the dominant cryptocurrency to dump below $10,000 and then be tapping resistance of $10,500. That’s the trader’s short-term view on the digital asset.

It is easy to get lost in short-term price action. However, some traders are resisting the lure of quick money by looking at the longer time frame. One analyst carrying a pseudonymous name “Nunya Bizniz” shared an interesting bitcoin trend on Twitter. It appears that the dominant cryptocurrency has always put together a massive rally following a predictable pattern.

Major Pullbacks Tend to Be Healthy for the Uptrend

Analyst Nunya Bizniz looked at the bitcoin weekly chart and pointed out instances where the cryptocurrency had three or more consecutive red weekly candles within an uptrend.

In the chart attached to the tweet, you will see how bitcoin rallied higher after a significant correction in the form of three or more weekly candles. Take note, the trend is only applicable whenever the king of cryptocurrencies is uptrending.

In addition, Nunya Bizniz appears to have only covered the price action of 2017 to 2019. So we took the liberty to expand the horizon to see whether the pattern holds. We discovered that it does.

BTC crypto chart
Weekly chart of bitcoin from 2012 – present | Source: TradingView

The green boxes show the number of times bitcoin had three more consecutive weekly candles while in a bull…

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