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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

“Smart Money” Indicator Hints At Bearish Bitcoin Price Reversal

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

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Created by industry experts and meticulously reviewed
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Bitcoin price has been in an uptrend since the new year kicked off. In just 31 days into the new year, the cryptocurrency rose over 30% and became one of the best-performing assets of 2020 thus far.

But an indicator often used to tip traders off as to what positions “smart money” is taking, may be signaling a bearish reversal in the coming days.

Bitcoin Price Prepares For Bearish Reversal If Smart Money Indicator Is Accurate

Bitcoin price may have set a local downtrend bottom at $6,400 on December 18, 2019, which sent the first-ever cryptocurrency into a powerful uptrend that’s lasted well into the new year.

It’s only now, after a massively bullish monthly close just days ago, that Bitcoin’s uptrend may finally be fading.

Related Reading | Legendary Trader: Current Crypto Rally Must Hold Or More Serious Correction Is Coming

After rising over 40% from lows in a little over a month, Bitcoin price over the weekend may have topped out at roughly $9,600.

A large rejection occurred when Bitcoin price touched the key resistance level, and has been dropping in value ever since.

Despite the small pullback, the crypto market remains at peak bullishness, after many altcoins have risen to local highs, many are expecting Bitcoin price to make a strong run higher.

Especially now that many signals indicate that the bear market may have finally ended.

However, one indicator, considered the “smart money indicator” may be signaling a strong warning sign that a bearish reversal is ahead.

According to the On-Balance Volume indicator, Bitcoin has been making higher highs in price, all while the indicator continues to set lower highs. This price action has caused two, prominent bearish divergences across Bitcoin price charts.

A bearish divergence typically signals a drop is coming and oftentimes can precede a strong bearish reversal.

bitcoin price obv

Understanding the On-Balance Volume Indicator and Why It Matters

On-Balance Volume (OBV) was designed to take advantage of the idea that “volume precedes price,” and the indicator rises or falls depending on negative or positive buy or sell volume.

The theory is that “smart money” often takes positions before the rest of the market, which can be seen ahead of time by decreases or increases in OBV.

The divergence in price and OBV could suggest that smart money is currently distributing heavily into the retail buying frenzy caused by a strong break of a downtrend line and strong January monthly close.

Those who bought Bitcoin as lows last year are likely sitting in as much as 40% profit on their recent investments, prompting them to take profit at the important resistance level.

The bearish divergence line drawn on the chart above also appears to be acting as a top trend line to a massive, multi-month ascending wedge – a pattern that usually breaks to the downside.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 

On the longest timeframes, Bitcoin appears ready to officially embark off into a new bull market, but until shorter timeframes catch up to that bullishness, Bitcoin price could see some additional downside in the next few weeks.

However, if Bitcoin price were to make a strong move higher here, it would invalidate the two bearish divergences and instead, the OBV indicator would be confirming a new uptrend has begun, due to a series of higher highs and higher lows being set.

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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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