Bitcoin “Speculative Chart” Suggests Cryptocurrency To Soon Blast off
30 Noviembre 2021 - 4:06PM
NEWSBTC
As institutions, corporations, countries, and more buy into
Bitcoin, the cryptocurrency is beginning to transition from a
speculative asset to a macro financial asset much like gold, oil,
and others. But before that happens, the top cryptocurrency by
market cap is mimicking Jesse Livermore’s “speculative chart” with
incredible accuracy and precision. If this rare chart pattern
referred to as a Livermore Accumulation Cylinder continues to play
out, the Bitcoin bull cycle is about to come to a dramatic climax.
We’re also taking a deep dive into the legendary life and untimely
death of Jesse Livermore himself. Speculative Chart: Bitcoin Price
Pattern Matches Livermore Accumulation Cylinder Bitcoin price
action has been up and down – literally and figuratively. After
setting a new all-time high, rather than blasting off to $100,000
or more where the bull market is projected to end, the
cryptocurrency fell back to retest lows around $53,000. The
gyrating price action has put the king of cryptocurrencies into a
wedge-like pattern with a broadening mouth. It also closely mimics
that of a Livermore Accumulation Cylinder. The 2021 BTC bull cycle
| Source: BTCUSD on TradingView.com The chart above layers
BTC price action since the April high was put in through today. If
the pattern is valid, an enormous amount of speculative volume
could suddenly appear, pushing Bitcoin and other cryptocurrencies
to more dramatic highs, and likely the climax of the current market
cycle. Related Reading | Finding Fibonacci: Is Bitcoin Beginning A
“Golden” Recovery? Before you write off “Livermore’s Speculative
Chart,” juxtaposing the 2017 bull run over the same cylindrical
price action below follows the rest of the pattern – even going
full parabolic the moment the eight phase of the chart takes place.
At nine, the rally is nearly out of steam, and at ten, things begin
to teeter bearish. The 2017 BTC bull cycle | Source: BTCUSD
on TradingView.com Who Was Jesse Livermore: Reminiscing Over A
Legendary Stock Operator But who was Jesse Lauriston Livermore and
why should be believe his chart pattern might still work today –
some 80 years after his death? According to Wikipedia, Livermore is
a “pioneer of day trading.” “In a time when accurate financial
statements were rarely published, getting current stock quotes
required a large operation, and market manipulation was rampant,
Livermore used what is now known as technical analysis as the basis
for his trades. His principles, including the effects of emotion on
trading, continue to be studied.” Livermore’s short position ahead
of the Wall Street collapse of 1929 was legendary, earning him the
title the “greatest trader to ever live.” His legend doesn’t
end as a happy one, however. Nor does it begin that way. He grew up
in Massachusetts, forced out of school by his own father. With his
mother’s support, he ran away. At age 14, he worked as a
board boy posting quotes at a Boston-based brokerage. By age 20, he
had made 1,000% ROI and was banned from nearly every Boston-area
bucket shop due to his significant and regular winnings. Livermore
was forced to wear disguises and take on fake names to continue to
trade. Livermore later was the basis for the main character of
the best-selling book by Edwin Lefèvre, Reminiscences of a Stock
Operator. Related Reading | Want To Learn Technical Analysis? Read
The NewsBTC Trading Course During the panic of 1907, his short
positions earned him more than $1 million in a single-day.
His mentor at the time, J. P. Morgan, plead with Livermore to
stop short-selling – to which he agreed, and instead profited from
the rebound. He earned the reputation as the “Great Bear of Wall
Street” and was personally blamed for the crash – even receiving
death threats and needing to hired armed bodyguards. Back then,
this sort of wealth was rare. Livermore owned a $200,000 yacht, for
example. But following this 1929 stock market crash,
Livermore’s mental health deteriorated. His wife had shot his
son, but not fatally; he had an ongoing lawsuit from a Russian
mistress; and several bankruptcies. In 1934 the United States SEC
imposed new rules that supposedly impacted Livermore’s trading and
he lost his entire fortune. He died on November 28, 1940 from a
self-inflicted fatal gunshot wound leaving a handwritten note to
his wife apologizing. His son, Jesse Jr. also died by tragic
suicide, as did his grandson. All roads lead to this. #Bitcoin
pic.twitter.com/DAMANCCtHi — Tony "The Bull" Spilotro
(@tonyspilotroBTC) November 30, 2021 Follow @TonySpilotroBTC on
Twitter or join the TonyTradesBTC Telegram for exclusive daily
market insights and technical analysis education. Please note:
Content is educational and should not be considered
investment advice. Featured image from iStockPhoto, Charts from
TradingView.com
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