Bitcoin price may be under $10,000 for days now, but bears have still yet to push the price per BTC to new local lows and breakthrough support in the mid to low $9,000 range.
If the support continues to hold, so will the bottom of what appears to be a Livermore Accumulation Cylinder that could next be targeting a new all-time high in Bitcoin price in the days ahead.Bitcoin Is In Legendary Trader’s Favorite Pattern: Livermore Accumulation Cylinder
While Bitcoin’s bullish parabolic advance was rejected at $13,800, the leading crypto asset by market cap has spent the last few months consolidating before it finally chooses the next short term direction.
Related Reading | Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect
And while the market is currently bearish on Bitcoin after repeated bounces below $10,000 failed to lead to a sustainable rally, if this support continues to hold, the next stop could be a new all-time high once Bitcoin price breaks out of the current consolidation range.
According to Adaptive Fund analyst Adam Taché, Bitcoin price is actually ranging inside a Livermore Accumulation Cylinder. The Livermore Accumulation Cylinder was popularized by Massachusetts-born American investor Jesse Lauriston Livermore – who was known to be one of the greatest traders to ever live.
Final update before closing this thread:
Accumulation cylinder managed to stay alive.
Low volume dump into bottom trendline.
At level 5 (updated chart) or level 7 (prev.) depending on labeling.
Is this what @raoulgmi calls the
Livermore Accumulation Cylinder Suggests Bitcoin To Set New ATH Next Rally
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