Bitcoin Faces Pivotal Quarterly Close, Here’s Why

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price is facing a historically volatile quarter, that’s in the past taken the cryptocurrency to either its annual top or bottom the last few years in a row.

But this quarterly close is especially pivotal, due to one important but likely overlooked resistance level. How the cryptocurrency closes in less than 48 hours could shape the trend ahead for the next three months or more.

Cryptocurrency Market Approaches Critical Quarterly Close

The cryptocurrency market is heading into the fourth quarter of the year, and the most unusual one in years. A season that’s typically underpinned by retail shopping and social gatherings, will no longer be so.

Instead, it is a somber reminder of a world still succumbed to the grip of the pandemic sweeping the world, and any impact it has on the economy or everyday life.

Making matters worse, the United States – the leading global superpower due to the dollar’s dominance – is also heading into its most controversial election between two of the most polarizing candidates ever.

Risk, fear, uncertainty, and doubt, all are overpowering any mid-year feelings of success or bullish sentiment, and now, the tide may be turning for Bitcoin, or it could rocket higher depending on how the quarter closes out.

BTCUSD 3-Month Critical Quarterly Close | Source: TradingView

Bitcoin Price Above $10,809 At 8PM ET Tomorrow Suggests Bullish Year End

In technical analysis, the higher the timeframe, the more dominant its signals. For example, a price pattern on weekly timeframes or a sell signal from an indicator is typically given more weight than say the one-hour or fifteen-minute timeframes.

These timeframes still have their value and place in technical analysis, especially for scalp traders or for knowing exactly where to take a position. And analysts say that reversals begin starting on the smallest timeframe, so none should be ignored. Still, anything from, daily, to weekly and monthly and up, are worth taking note of.

More importance is also given to high timeframe support and resistance levels, and where candles close over smaller timeframes. Quarterly or three-month candles aren’t commonly looked at but can reveal a lot about the overall market in terms of the bigger picture.

According to the quarterly BTCUSD price chart, Bitcoin has clearly been in a downtrend, as indicated by higher low closes for the last three years. A close above $10,809, however, would set the first higher high on quarterly timeframes, and potentially confirm an uptrend.

Uptrends are by definition a series of higher highs and higher lows. Bitcoin set a high timeframe higher low on Black Thursday, but a lower high thus far in 2020. A close above this key level on September 30, could be the final resistance level before new all-time highs are set.

Featured image from Deposit Photos, Charts from TradingView

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.

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