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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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As Bitcoin price struggles to maintain strength above $10,000 but is unable to push below $9,200, the crypto asset’s price chart has formed what appears to be a descending triangle – a bearish continuation pattern, that does have potential to break to the upside.

The formation shows many similarities to a descending triangle that formed during the 2018 bear market, that eventually sent Bitcoin plummeting to its bottom around $3,200. One analyst believes that although the market is showing demand for Bitcoin, that demand is being consumed ferociously and once that demand begins to fizzle, the selling pressure may finally get the best of bulls buying the dip.

Bitcoin Price Forms Descending Triangle, Target is $7,500, But $6,000 is Possible

Bitcoin price has stagnated in recent days, unable to choose a clear direction. The leading crypto asset has been locked in an increasingly tightening range and has not had the bullish momentum to break above $10,200, yet bearish sell pressure hasn’t been enough to break below $9,200. The bouncing back and forth between peaks and troughs has caused Bitcoin price to form a descending triangle, a chart pattern that could have a target of $7,500 if confirmed.

Related Reading | Bitcoin Price Rejected From $10K, Or the Start of a Bullish Reversal? 

Crypto analyst Dave the Wave – known for his long-term trend analysis using moving averages, the MACD, and most importantly an emphasis on Bitcoin’s logarithmic growth curve – is long-term bullish on Bitcoin, but in the “medium-term” expects Bitcoin price to fall out of the descending triangle formation to around $7,500 where a bounce could happen.

The dreaded descending triangle…. pic.twitter.com/CxSpgXTMJw

— dave the wave🌊🌓 (@davthewave) July 31, 2019

In the past, the analyst perfectly called a bounce off the 200-week moving average. Here he expects the bounce at $7,500 to be nothing more than that – a bounce. After that, another “further drop at a later date” could bring the entire correction total to 50%, or as much as 61%.

The analyst advocates averaging in around the 50% point being a wise strategy. A total 61.8% drop – a common Fibonacci retracement level – would take Bitcoin price to $5,200 as the final bottom. A 50% drop from the rally high of $13,800 would be $6,900. Neither drop would put Bitcoin’s previous bear market bottom in jeopardy.

Analyst: Supply Consuming BTC Demand, What Happens If Demand Runs Out?

Adding further credence to the descending triangle playing out similarly to the formation that occurred during the 2018 bear market that caused Bitcoin price to break below what was believed to be the bottom at the time at $6,000, falling to its eventual bottom at $3,200.

My current higher timeframe view on Bitcoin pic.twitter.com/llqhNi8a1j

— Matt (@Trader_M4tt) August 1, 2019

Another analyst, says that although Bitcoin has bounced off the “daily demand” it has done so “ not very convincingly” and current price action appears to be “consumption of demand.” The analysts compares the current price action consuming the demand to the same price action around $6,000 – also where that demand eventually ran out in 2018, causing Bitcoin to experience a massive drop.

Should that demand be overcome by supply, the same scenario could play out. However, that $6,000 price level is now acting as support once again, and is likely to stay that way indefinitely.

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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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