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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Surges to $7,200 By 11% In Massive 1 Day Reversal, As Traders Consider Bottom

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

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Bitcoin price has been in a steady downtrend over the last few months, however, after a sweep of local lows earlier today, Bitcoin has absolutely exploded into what may end up being a short-term trend reversal, in a massive push by bulls above $7,200.

Bitcoin Price Reclaims Support Above $7,000

Earlier this morning, Bitcoin price fell below $6,500 in a sharp and abrupt sweep of local lows set late last month. But just mere moments after Bitcoin touched $6,450, the leading crypto asset by market cap surged by as much as $500 in a matter of minutes.

Related Reading | Bitfinex Whale Currently Underwater By Nearly $25 Million 

After the cryptocurrency took a quick pause to consolidate over resistance turned support at $6,800, Bitcoin made a run higher and has breached above $7,200 – the first major step in a short-term reversal and a longer-term recovery.

To further instill confidence in bulls, Bitcoin‘s daily candle, if it can maintain current prices through the daily close, will close as a bullish engulfing candle, which typically indicates further upside in the subsequent price action.

bitcoin price chart

Cryptocurrency Signals Bullish Divergence on Key Indicators

In addition to the bullish candle, Bitcoin is signaling a bullish divergence on many major technical analysis indicators, such as the MACD and the Relative Strength Index.

After this morning’s drop, the RSI touched into oversold territory, then quickly burst in the other direction, setting a higher low, while price set a lower low. This usually suggests that buyers have begun stepping in for a push significantly higher.

Related Reading | Bitcoin Price Sees Abrupt $500 Surge in Minutes, Is It A Trend Reversal? 

If Bitcoin can continue to rise from here, it could reverse from its multi-month downtrend back into a bull market. However, if today’s move turns out to be a bull trap, bears may get the last laugh and push Bitcoin down to set new bear market lows – much like many other cryptocurrencies like Ethereum and Ripple have done in recent days.

The two assets fell to year-to-date losses after BTC’s most recent drop, however, these altcoins have staged a recovery alongside Bitcoin, and also could close out the year with prices a lot higher than current levels.

 

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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

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

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