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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

Bitcoin “Distribution” Could Lead To Another Arm And A Leg Down

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read

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Bitcoin price recently collapsed from $12,400 to under $10,000 after the cryptocurrency presented a near-perfect distribution pattern.

If the pattern continues, the market could form a massive head and shoulders top, with a price target of significantly lower.

Distribution Pattern Costs Crypto Investors An Arm And A Leg

Bitcoin price over the last several weeks had formed what by comparison appeared to be a clear distribution pattern. After the $2,000 plunge last week, that pattern may have been confirmed, now that the first-ever cryptocurrency is trading at around $10,000.

Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run

Rather than embarking on this massive bull run, crypto investors are licking their wounds after a surprise move that was telegraphed in advance by the ominous Wyckoff distribution pattern.

On higher timeframes using Renko charts, however, the pattern still has another phase to go, before mark down begins.

bitcoin distribution

BTCUSD Renko Distribution Head and Shoulders Chart | Source: TradingView

Bitcoin Head and Shoulders Points To Another Leg Down

According to the chart above, if the current level fails to hold, and the cryptocurrency falls to $8,500 – it will be at risk of forming a head and shoulders pattern.

Head and shoulders chart patterns are typically reversal patterns found at the top of a trend where the trend change took place.

A head and shoulders shows a tug of war taking place between buyers and sellers, with the head acting as the climax of buying where sellers finally begin to take back control.

When the “neckline” support breaks, a deeper selloff takes place from a cascade of stop losses being hit, and because buying is so exhausted from the push and pull of the market.

Related Reading | Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead

Assets often fall quickly after this, then bounce, forming a “throwback.” This throwback confirms previous support as resistance, and then a further drop towards the final target takes place.

A break below $8,500 from a $12,400 peak, would take the cryptocurrency back towards somewhere around $4,000 to $5,000.

Any fall of that magnitude could be dangerous for Bitcoin, as the asset’s 200-week moving average is trading around $6,600 at the time of this writing. This level has acted as the bottom in the past and could do so again.

Just about any of these downside targets are shocking for Bitcoin, given the theories that surround the asset’s halving and the stock-to-flow model. The further it takes the crypto asset to start a new bull market, the more likely it is that cycles are lengthening, and the halving isn’t as significant as previously thought.

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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

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