Fireworks Expected as Bitcoin Breaks Below $11,000 Ahead of Holiday Weekend

Tony "The Bull" Severino

5 years ago

2 mins read

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After a strong rejection at $14,000, Bitcoin’s parabolic rally has been cut short, and the leading crypto asset by market cap is taking a much needed pause and correction after bringing investors over 300% gains since the start of 2019. But after a flash crash stopped the rally in its tracks, Bitcoin price has been setting lower highs and the market is consolidating ahead of the next major move, and fireworks are expected when it finally happens.

Since weekends often provide little liquidity, it also provides an opportunity for whales to cause extreme price movements in either direction once the order book is cleared out. Holidays also have this effect, and with Bitcoin breaking below $11,000 ahead of the Independence Day holiday weekend when many families are traveling and on vacation, the crypto asset is at high risk of being sent back down to retest lows for support.

Bitcoin Price Drops Below $11,000 Just Ahead of Holiday Weekend

A new study revealed that holidays provide large capital players with the opportunity to easily move prices, and it’s allowed Bitcoin price to soar on recent the notable dates.

However, on Independence Day this past July 4th, Bitcoin price fell over $1,000 from a high of above $12,000 to below $11,000 at the time of this writing, and it could be an omen to the price action in the coming holiday weekend.

All across the United States, families and businesses go on vacation, unwind, and celebrate he nation’s biggest holiday. It’s prime travel time, and a rare opportunity for laser-focused traders to take a break from staring at price charts and catching some rest and relaxation instead of falling knives.

Those that aren’t watching Bitcoin price charts closely may miss an explosive move that sets the trend for the coming weeks and potentially months.

Bitcoin has been said to be on its next bull run by most crypto analysts, however, some do suggest that a pullback and retest of former lows would not only be healthy for Bitcoin, but mandatory for the next bull market to be a long and prosperous one for investors of the emerging asset class.

If Bitcoin breaks below the previous low of $9,600, lows between former resistance turned support at $6,000 up until the former low could be retested. On the flipside, if the leading crypto by market cap rises above $13,800 and goes straight through the resistance at $14,000 that caused a massive flash crash, Bitcoin will be well on its way to setting a new all-time high in no time and recapturing the interest of the mainstream public once again.

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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.

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.