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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Loses Important Lifeline That Got Bulls Blood Pumping

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin bulls blood pumping

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Bitcoin price is back below $55,000, unable to keep its bullish momentum it had leading into the Coinbase Global listing. Since then, things have turned down.

The fall back below $60,000 has with it also taken the coin below a critical life-saving support level that’s been untouched since late 2020.

Bitcoin Loses Life-Saving Support Level, First Time Since 2020

Bitcoin and other cryptocurrencies are notorious for their volatility, but that’s also how they’re able to generate life-changing wealth for early investors.

Because of how volatile the emerging speculative asset class is, volatility measuring tools like the Bollinger Bands are especially effective. When the bands tighten is says that price action has been sideways and a major move is coming.

Related Reading | “Exponential Decay” Of The Dollar To Benefit Bitcoin Long-Term

If any coins close a candle outside of the bands with volume, there’s often an opportunity to “ride the bands” to incredible gains.

That’s exactly what happened that took Bitcoin from under $12,000 to more than $64,000 in a matter of months. The Bollinger Bands got tight, began to expand, and because the top cryptocurrency was above the middle-SMA, the bull market was cleared for takeoff.

The problem is, that same signal is back but in reverse.

bitcoin bollinger bands 3d

It's been more than 190 days of uptrend. Is it time for a change? | Source: BTCUSD on TradingView.com

What The Bollinger Bands Are Saying About The Current Crypto Cycle

More than six months and around 200 days have gone by since Bitcoin has passed through the middle-SMA on the Bollinger Bands on three-day timeframes.

The Bollinger Bands themselves – created by John Bollinger – are a standard deviation of the simple moving average. They expand and contract based on volatility, as mentioned earlier.

The toolset can tell traders a lot about what’s about to go down. For example:

The structure is looking good, but we need a bit of confirmation first. One set of tactics might be a start a position here and add to as it works out with an initial stop under the 9/23 low.

— John Bollinger (@bbands) October 5, 2020

According to the tool, what’s about to go down could be Bitcoin price. Passing through the mid-BB can be used as an effective buy or sell signal. After several candle closes below the SMA, a fall to the lower Bollinger Band is the most likely next target.

That target is around $46,000 per BTC, at the height of the “Elon Musk” candle.

Remember, the close below for Bitcoin is only on the three-day timeframe, suggesting that the more dominant bull trend is still hanging on. During past bull markets, the top cryptocurrency has always retraced to the middle-SMA on weekly timeframes. This level sits right around $44,000.

bitcoin bollinger bands zoomed

Two potential targets for Bitcoin are highlighted by the SMA | Source: BTCUSD on TradingView.com

Either that holds strong, or there’s a chance the bull market is over. The only line left for bulls to keep hope alive, would be the same middle-SMA on the monthly timeframes.

The middle-SMA in the monthly is right around $18,000 per coin and below the cryptocurrency’s former all-time high. A fall of that magnitude would be a frightening 70% drop, comparable to the fall from June 2019 to Black Thursday last year.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

It’s not impossible for Bitcoin, and the bull run would still be intact. Are you ready for the volatility that the Bollinger Bands are warning of ahead?

Featured image from Pixabay, Charts from TradingView.com
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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
How Our News is Made

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