Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months

Tony "The Bull" Severino

5 years ago

3 mins read

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price throughout 2018 was locked in a bear market and downtrend that ultimately took the price of the first-ever crypto asset to its bottom at $3,200. But during the almost 8 months of 2019, Bitcoin has been in an uptrend and is preparing to enter a bull market.

But before it gets there, Bitcoin price still needs to close a weekly candle above $11,500 – a feat it hasn’t accomplished in nearly 18 months.

Bear Market Began at $11,500, BTC Stuck Below Resistance Since

High timeframe candlestick closes are often hyped by the crypto community, from the daily to weekly, and beyond. Weekly and monthly closes are especially important and typically represent a stronger technical signal across longer-term trends.

On Sunday night, the weekly close in Bitcoin price at around $10,900 was a strong close, beating out the two previous weeks and setting the crypto asset up for further bullish momentum. However, above here, there is strong resistance remaining from where the transition from parabolic advance and bull market into downtrend and bear market first began.

Bitcoin price has not closed a weekly candle above $11,500, suggesting it may be the final hurdle it must overcome before the bull market can begin. The last weekly candle to close above $11,500 was back in January 2018, before the bear market really took hold of Bitcoin and crypto.

Bitcoin Price Must Break $13,800 Before New All-Time Highs Are Set

If any other barriers remain above $11,500, it would be $13,800 – where Bitcoin price was rejected violently back at the end of June, causing a flash crash of over $1,000 in minutes in reaction to meeting the powerful resistance level for the first time in well over a year.

The price level also represents another potential resistance level that may need to be breached in order to truly embark on a bull run. The last time a weekly candle closed above $13,800, was on January 1, 2018, signaling an end to the bull run and hype bubble of 2017.

At the peak, Bitcoin price reached an all-time high of $20,000. If Bitcoin can once again break above $11,500, and then $13,800, it could be off to the races in terms of retesting its all-time high and potentially setting a new one. There is some minor weekly resistance at $15,250, but the momentum of breaking above $13,800 could cause Bitcoin price to blow right past it much like it did when it broke back above $6,000 earlier in the year.

The current days and weeks are critical for Bitcoin price and the near-term future of its price trend. Watch these important resistance levels closely as price action develops and plan any buying or selling accordingly.

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.