After Bullish Weekly Bitcoin Price Close, Bearish Factors Force Downside Targets

Tony "The Bull" Severino

5 years ago

2 mins read

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Last night saw the weekly close in Bitcoin price charts. All eyes were on the important weekly close, as Bitcoin price hovered right around weekly resistance that has kept Bitcoin in a downtrend since the start of 2018 – a downtrend that the leading crypto asset is very close to finally breaking out of for good.

Bitcoin price ended up closing the weekly with the highest weekly close in all of 2019 and most of 2018 but was unfortunately not enough for bulls to prevent bears from potentially regaining control. Should Bitcoin price fall from here, bears would once again have the upper-hand, and despite the seemingly bullish close, bearish factors are forcing crypto analysts to consider downside targets now that Bitcoin was rejected from weekly resistance above $11,500.

Bitcoin Price Weekly Candle Close Was Most Bullish in All of 2019

Bitcoin price closed its weekly candle above $11,500 – a critical price level that breaking above may hold the key to unlocking the full bull run in crypto markets. The close was the highest weekly close in over a year and the first since January 2018 when Bitcoin’s bear market first began.

However, despite the weekly close being the most bullish of all of 2019, two important bearish factors are cause for bulls and bears alike to consider downside targets in the near future.

Bears dumped $BTC below weekly resistance just a few seconds before weekly close. 10.8k looks likely now pic.twitter.com/EwMfRPCOFo

— Muro (@MuroCrypto) August 12, 2019

According to crypto analyst MuroCrypto, bears were able to dump Bitcoin price just below weekly resistance a mere few seconds before the weekly candle close. With under a minute left in the weekly trading candle, a nearly $150 1M candle sent Bitcoin price spiking downward. Bulls pushed back, closing the weekly above $11,500 but failing to close above the critical weekly resistance point at $11,560.

bitcoin price crypto weekly resistance — *Bears were able to push the price down in a matter of seconds, as can be seen by the long wick on the candle highlighted by the red arrow. Chart via TradingView.*

BTC Weekly Close Confirmed Uptrend Line as Resistance, Big Drop Could Be Ahead

Trendlines are important lines that price travels along, often bouncing at increasingly higher or lower support until the trendline is broken to the up or downside. Oftentimes after an important trendline breaks, the price of the asset in question will come back up to retest the support turned resistance as such, and if confirmed sends a powerful signal to the market and its participants.

#bitcoin weekly

Rejected on retest of the uptrend line breakdown. Not a great sign for the bulls.

I wouldn't rule out a retest of lower 10k region. pic.twitter.com/PWuYHWYEXp

— Nebraskangooner (@Nebraskangooner) August 12, 2019

Bitcoin’s parabolic uptrend line carried the crypto asset from its bottom around $3,200 all the way to a local high of $13,800 at the end of June. Last night’s weekly close also confirmed the former uptrend line as resistance at the weekly close, making a retest of the “lower 10k region,” a strong possibility.

Bitcoin price had been locked in a symmetrical triangle for days, which could signal either upside continuation or a downside reversal. The triangle ultimately broke downward and would have a $10,600 target that coincides with the price targets prominent crypto analysts are citing above.

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.