{"id":381227,"date":"2019-05-08T00:01:32","date_gmt":"2019-05-08T00:01:32","guid":{"rendered":"https:\/\/wncen.com\/?p=381227"},"modified":"2024-06-11T07:40:16","modified_gmt":"2024-06-11T07:40:16","slug":"analyst-inverse-bitcoin-price-chart-points-to-bitcoin-reaching-at-least-6130","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-inverse-bitcoin-price-chart-points-to-bitcoin-reaching-at-least-6130\/","title":{"rendered":"Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching \u201cAt Least\u201d $6,130"},"content":{"rendered":"<p>The entire crypto community of traders, analysts, and investors alike are all watching <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> closely, as the digital asset reaches an important inflection point in its life as a financial instrument. As traders seek to predict not only the direction of Bitcoin price, but the price target itself, oftentimes a chart will be turned upside-down to gain an unbiased and unfiltered look at support and resistance levels, as well as any patterns that may be playing out.<\/p>\n<p>One particular analyst has flipped a high-timeframe <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> chart on its head, hoping to glean additional insight from it. According to the \u201csupport\u201d levels, which are actually resistance levels, the trader says Bitcoin \u201cis heading to at least $6,130.\u201d<\/p>\n<h2>Analyst: Bitcoin Price Is Headed to $6130, Can\u2019t Convince Me Otherwise<\/h2>\n<p>Bitcoin is close to putting the final nail in the bear market coffin, and is potentially <a href=\"https:\/\/wncen.com\/2019\/05\/07\/crypto-analyst-bitcoin-price-btc\/\">entering either an accumulation phase or the beginning stages of a new bull trend<\/a>. With fear and panic still felt throughout the market, crypto investors are in disbelief.<\/p>\n<p>The gain more confidence, traders take to charts in order to help to determine and predict price movements. Occasionally, more advanced chartists will turn a price chart upside-down to try and remove any existing bias from the new perspective.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/24\/sell-in-may-and-go-away-a-look-at-historic-bitcoin-price-performance-in-may\/\">Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May\u00a0<\/a><\/strong><\/em><\/p>\n<p>Prominent crypto analyst Josh Rager has shared such an inverse chart <a href=\"https:\/\/twitter.com\/josh_rager\/status\/61137152?s=12\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">via Twitter<\/a>, and on it clearly demonstrates powerful \u201csupport\u201d at roughly $6,137. The trader claims that from the looks of it, Bitcoin price is headed to \u201cat least $6,130,\u201d and that it would be hard to convince him otherwise.<\/p>\n<p>https:\/\/twitter.com\/josh_rager\/status\/61137152?s=12<\/p>\n<p>At that level, the analyst expects Bitcoin to bounce at \u201csupport\u201d around $6,000. He further predicts that a pullback to $4,100 \u2013 the last level of powerful resistance Bitcoin broke through to spark a massive $1,000 early April rally \u2013 is possible if Bitcoin makes a correction before moving up further.<\/p>\n<p>At that level, he says \u201cyou know what to do,\u201d suggesting that it is now time to start buying dips, further hinting that a bull run could be beginning.<\/p>\n<p>Both areas on the chart posted by Rager show high volume nodes at each key price level, suggesting that this is where there is much liquidity to be tapped into for traders.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/05\/03\/bitcoin-price-has-gained-on-average-77-post-consensus-altcoins-161\/\">Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161%<\/a><\/strong><\/em><\/p>\n<p>Resistance at $6,000 will be difficult to break through, as Bitcoin bounced off the price level as support multiple times throughout the bear market. It wasn\u2019t until that support broke in November 2018, when Bitcoin fell to its ultimate bear market bottom at $3,150.<\/p>\n<p><a href=\"https:\/\/wncen.com\/2019\/05\/03\/is-the-bottom-in-bitcoin-price-btc-has-nearly-doubled-since-bear-market-low\/\">Bitcoin is now valued at nearly double in price from its bear market low<\/a>, causing most of the cryptoshere <a href=\"https:\/\/wncen.com\/2019\/05\/06\/bitcoin-price-btc-rsi-bull\/\">to consider the bear market over<\/a>.<\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The entire crypto community of traders, analysts, and investors alike are all watching Bitcoin closely, as the digital asset reaches an important inflection point in its life as a financial instrument. As traders seek to predict not only the direction of Bitcoin price, but the price target itself, oftentimes a chart will be turned upside-down to gain an unbiased and unfiltered look at support and resistance levels, as well as any patterns that may be playing out. One particular analyst has flipped a high-timeframe Bitcoin price chart on its head, hoping to glean additional insight from it. According to the \u201csupport\u201d levels, which are actually resistance levels, the trader says Bitcoin \u201cis heading to at least $6,130.\u201d Analyst: Bitcoin Price Is Headed to $6130, Can\u2019t Convince Me Otherwise Bitcoin is close to putting the final nail in the bear market coffin, and is potentially entering either an accumulation phase or the beginning stages of a new bull trend. With fear and panic still felt throughout the market, crypto investors are in disbelief. The gain more confidence, traders take to charts in order to help to determine and predict price movements. Occasionally, more advanced chartists will turn a price chart upside-down to try and remove any existing bias from the new perspective. Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May\u00a0 Prominent crypto analyst Josh Rager has shared such an inverse chart via Twitter, and on it clearly demonstrates powerful \u201csupport\u201d at roughly $6,137. The trader claims that from the looks of it, Bitcoin price is headed to \u201cat least $6,130,\u201d and that it would be hard to convince him otherwise. https:\/\/twitter.com\/josh_rager\/status\/61137152?s=12 At that level, the analyst expects Bitcoin to bounce at \u201csupport\u201d around $6,000. He further predicts that a pullback to $4,100 \u2013 the last level of powerful resistance Bitcoin broke through to spark a massive $1,000 early April rally \u2013 is possible if Bitcoin makes a correction before moving up further. At that level, he says \u201cyou know what to do,\u201d suggesting that it is now time to start buying dips, further hinting that a bull run could be beginning. Both areas on the chart posted by Rager show high volume nodes at each key price level, suggesting that this is where there is much liquidity to be tapped into for traders. Related Reading | Bitcoin Price Has Gained On Average 77% Post-Consensus, Altcoins 161% Resistance at $6,000 will be difficult to break through, as Bitcoin bounced off the price level as support multiple times throughout the bear market. It wasn\u2019t until that support broke in November 2018, when Bitcoin fell to its ultimate bear market bottom at $3,150. Bitcoin is now valued at nearly double in price from its bear market low, causing most of the cryptoshere to consider the bear market over. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":381229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,38481,25050],"class_list":["post-381227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-inverse-price-chart","tag-josh-rager"],"acf":[],"yoast_head":"\n<title>Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching \u201cAt Least\u201d $6,130<\/title>\n<meta name=\"description\" content=\"The entire crypto community of traders, analysts, and investors alike are all watching Bitcoin closely, as the digital asset reaches an important\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/analyst-inverse-bitcoin-price-chart-points-to-bitcoin-reaching-at-least-6130\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching \u201cAt Least\u201d $6,130\" \/>\n<meta property=\"og:description\" content=\"The entire crypto community of traders, analysts, and investors alike are all watching Bitcoin closely, as the digital asset reaches an important\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/analyst-inverse-bitcoin-price-chart-points-to-bitcoin-reaching-at-least-6130\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-08T00:01:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:40:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/05\/bitcoin-price-crypto-shutterstock_782937235.jpg?resize=860,573\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"573\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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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\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. 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\u2019s 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\u2019s 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. 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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\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. 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\u2019s 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\u2019s 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. 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