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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Rally More Overbought Than October Pump Above $10K, Data Shows

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin oversold bearish case

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Bitcoin price has exploded out of its recent trading range near lows around $6,500 and has already rallied over $8,300 in a move that caught bearish crypto traders who were expecting more downside in the leading cryptocurrency by market cap off-guard.

However, before bulls should start celebrating that the downtrend is over, there’s an extremely bearish case to consider: Bitcoin is now more oversold than it was during its historic October 2019 rally, which was driven by news that China would be supporting blockchain technology.

Bitcoin Indicators Reach Oversold Levels, More So Than October’s China Pump

It was just before Halloween in late October, and Bitcoin price had just broken through its lows at $7,500 to $7,200, before the crypto asset skyrocketed to as high as $10,600, setting a record for the third-largest single-day gain in the young financial asset’s short history.

Related Reading | Here’s Why Bitcoin’s Break Above $8,000 Might Not Be as Bullish as Many Believe 

Despite the powerful move in late October following news that Chinese President Xi Jinping urged its country to support the blockchain technology that Bitcoin was built on, the Relative Strength Index on daily timeframes didn’t reach as oversold of levels as it has reached during today’s rally. Stoch, and Stoch RSI are also signaling higher oversold levels currently than the previous, monumental rally.

When the RSI and these other indicators typically reach oversold conditions, it suggests that a reversal could be near.

Daily RSI wasn't that high even after a 3000$ pump in October. Not to mention oscillators and 6 green daily candles in a row (and 8 red on TD sequential, by the way).
Just saying. $BTC $BTCUSD #bitcoin pic.twitter.com/8oAioMEJlq

— CryptoHamster (@CryptoHamsterIO) January 8, 2020

Bitcoin price broke above $8,200 today, rallying further until it reached strong overhead resistance at $8,400 – a level the cryptocurrency is currently struggling with.

Those struggles could turn into a reversal if the bearish take on the RSI plays out. If Bitcoin reverses here, today’s rally could end up being nothing more than yet another bearish retest of former support turned resistance, before Bitcoin price falls to the next trading range lower – a pattern that has been occurring throughout the downtrend.

However, if Bitcoin price can get above $9,000, then the crypto asset will have broken out of the channel it has been trading within ever since the downtrend began in late June.

Related Reading | Why Analysts Think $9,000 is Next After Bitcoin’s Pump to $8,300 

When the current bearish trend finally turns around, Bitcoin has plenty of bullish things to look forward to throughout 2020, including the asset’s hard-coded halving – an event that sees the reduction of the BTC reward miners receive and is said to have a dramatic effect on price, notably a significant increase.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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