• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
bitcoin ath

Bitcoin Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg

Tony "The Bull" by Tony "The Bull"
2 years ago
in BTC
Reading Time: 3 mins read

Bitcoin is trading right around its former all-time high, and although a new record has been set, the crypto market has yet to see the fireworks that they had been expecting once here.

Instead, a pseudonymous technical analyst says that what the market should be anticipating instead of a direct moonshot, is “consolidation” consisting of shake-outs, deviations, and traps of all kinds before the next leg up finally arrives.

Analyst Explains What To Anticipate For Bitcoin Price Action Below ATH

Momentum is back in the crypto market, driven by a new world and new Bitcoin narratives capturing first the curiosity, then capital of investors of all degrees of wealth.

Belief in the cryptocurrency has been building, and a new wave of interest has propelled prices higher. Few would have guessed that just nine months after Black Thursday and a retest of $4,000 that Bitcoin would have already set a new all-time high.

Related Reading | Five Technical Reasons The Bitcoin Bull Trend Is Taking A Breather

The rally in 2020 left both bulls and bears in disbelief even though anyone who understands the cryptocurrency’s potential should be aware of what it’s capable of.

The market had anticipated Bitcoin smashing through its former record once it got here and not ever stopping, but instead, there have now been a couple of weeks of consolidation under resistance. And while that’s often a bullish sign that continuation will eventually follow, a breakout won’t arrive before a number of shakeouts, traps in either direction, and extreme deviations – according to one analyst.

bitcoin crypto btc shake out bull trap

Although Bitcoin should "consolidate" below ATH, price action will get extremely volatile | Source: BTCUSD on TradingView.com

Hold On For Dear Life: Bull Traps, Shakeouts, And Bear Traps – Oh My!

As stated, anyone who knows a thing or two about Bitcoin is likely also aware of a few other key factors. For instance, crypto investors know that post-halving, demand begins to outweigh the scarce BTC supply.

They also know that when $20,000 is breached with enough force, the parabolic phase where all of the money will be made should begin. Finally, they’re aware of the incredible valuations that the crypto asset is expected to reach from here.

Related Reading | Max Pain: Why Bitcoin Could Trade Sideways Until April 2021

Given all the potential, value, and profit to be made, isn’t it naive to assume that there won’t be plenty of violent corrections, volatile shakeouts, bull traps, and bear traps around every turn for that tightly held BTC to change hands?

The phrase “hold on for dear life,” or “HODL” was coined as a way to help investors cope with the asset’s wild volatility and not risk being shaken out, losing their precious BTC along the way.

Shakeouts are coming regardless of how bullish Bitcoin is, it is up to you if you allow yourself to be shaken enough to sell.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcrypto
Tweet123Share196ShareSend
Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

Related Posts

Bitcoin

Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K

6 hours ago
Bitcoin

Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily

3 days ago
Bitcoin

Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers

4 days ago
Bitcoin

Bitcoin Price Nears Next Key Move, 100 SMA Is The Key

5 days ago
Bitcoin

Bitcoin Price Just Saw Technical Correction, Can Bulls Save The Day?

6 days ago
Bitcoin

Bitcoin Price Prints Bullish Technical Pattern, Why Close Above $28,500 Is Critical

1 week ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    5 days ago
  • Willing to buy new crypto: Here are the best 10...

    5 days ago
  • Best Crypto Meme Coin Presales in 2023

    5 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Veteran Traders Are Thinking Beyond BTC and ETH to Navigate...

    2 hours ago
  • Sphere Financial Inc: Transforming the World of Finance...

    15 hours ago
  • As Pepe (PEPE) Hype Becomes History, DigiToads (TOADS)...

    18 hours ago
  • InQubeta (QUBE) Could Overtake Aave (AAVE) in Market Cap...

    18 hours ago
  • AI Analytics: SingularityNET, Ripple, and The Sandbox Top...

    19 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.