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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Rejected By High Timeframe Resistance, Here’s What To Possibly Expect

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
2 mins read
bitcoin price crypto

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Bitcoin price is at risk of falling from the current trading range and is hanging by a thread at $9,600 after repeated attempts to hold above $10,000 failed.

And while a rebound from here cannot be ruled out, Bitcoin price was rejected by high timeframe resistance dating back to the previous crypto market bull run, when Bitcoin reached $20,000 and eventually began to crash.

2017’s Bull Run Support Is Rejecting Bitcoin Price Almost Two Years Later

After Bitcoin price met its all-time high price in late December 2017 at the tail end of the crypto hype bubble, the original crypto-asset all others were designed after fell below key price levels that later acted as resistance. Only one of those price levels has yet to be broken and is the last stop before the bear market is behind us for good.

Related Reading | Indicator Gives First Bullish Signal Since Bitcoin Price Bottom 

But even now, almost two years later, Bitcoin price is still being rejected from these critical high timeframe resistances, first at $13,800, sending Bitcoin back down to $10,000, and now again at $10,000 itself.

One crypto analyst has shared a chart depicting what has historically happened when price action interacted with the resistance level.

$BTC – Bitcoin is currently getting rejected by a significant HTF Resistance.

In the screenshots below, you can see past interactions with $9589.5 on the Daily Chart.

Typically with a high volume break, Bitcoin stalls for a few days before continuing in the same direction. pic.twitter.com/3KtDCboHke

— UB (@CryptoUB) August 30, 2019

The chart clearly shows that back in January 2018, falling below this resistance swatted Bitcoin price down extremely violently, causing the v-shaped February 2018 bottom. The momentum from that bounce as enough to cause BTC to break above the resistance level and make two attempts higher, forming an M-shaped double top.

The next time Bitcoin price met that resistance on the way down, it was once again used as fuel for bears to push the price lower, causing the April 2018 bottom, but still leaving hope in the market that an Adam and Eve bottom pattern was forming. But due to the same resistance level, the bottom formation never confirmed, and instead, it was rejected once again, causing the bear market to pick up in severity.

After that rejection, Bitcoin price didn’t again reach that level until June 2019, when it broke through and turned $10,000 from resistance back into support. But that support is now broken, and Bitcoin is at risk of the resistance level being used to violently push the price of the crypto asset back down into the bear market below.

Related Reading | Bitcoin Price At Risk of Closing Second Consecutive Monthly Red Candle 

$10,000 was often cited as a price point that would cause serious FOMO, but the price came and went and crypto investors didn’t react as they did the first time Bitcoin breached the important resistance. Instead, Google Trends barely showed a blip, and buy pressure couldn’t be sustained.

$10,000 is also 50% of the Bitcoin’s all-time high, which often plays both a strong resistance and support if the asset approaches the price level.

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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

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

Ad discliamer

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