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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Abruptly Surges to $10,000: But Here’s Why a Brutal Rejection Awaits

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin 10000

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Bitcoin price just broke out from the tight trading range its been trading it for days between $9600 and $9800, and moments later found itself tapping resistance at $10,000 once again.

The spike was quickly rejected, but Bitcoin appears to be consolidating and ready for another attempt to breakthrough. Will the rejection force prices lower or is the cryptocurrency market finally ready for a major breakout.

Bitcoin Price Continues to Struggle With $10,000 Resistance

Bitcoin price has been stuck consolidating in a tight, sideways trading range for nearly a month and a half. For 40 days, the asset has been trading above $8500 but hasn’t been able to crack above $10,000 and hold.

Repeated attempts throughout the bear market have failed, and any more recent attempts have fallen short also. The few times the crypto asset has been able to close any meaningful high timeframe candles above the key level, actually holding above the resistance has thus far been short-lived.

Volatility has been reaching record lows for the notoriously volatile asset class of cryptocurrencies, due to many retail traders focusing on the ultra-hot stock market. There, markets are surging and revisiting all-time highs despite a dying economy.

But while retail traders are fueling the stock market fever, institutions are eyeing Bitcoin as a safe haven and hedge against inflation, and it could be causing demand to outweigh the scarce supply of BTC.

BTCUSD Looks Ready For Liftoff, But TD 13 Setup Could Signal Selloff Instead

Following today’s Fed meeting that revealed there likely wouldn’t be any interest rate hikes until 2022 at the earliest, Bitcoin and other markets began to rally.

Gold spiked over $30 an ounce on the news, and the Dow jumped 100 points, but quickly fell back down.

BTCUSD, however, immediately began pushing through short timeframe resistance and made its way toward $10,000 once again. The asset topped out at $10,038 as of the time of this writing but appears to be refueling for another attempt.

Related Reading | Bitcoin Following Scarily Similar S&P 500 Fractal Would Set New All-Time High By Late 2020

Is Bitcoin price going to finally break out this time, or will another rejection at $10,000 put an end to the post-Black Thursday rebound rally?

Most signs are looking positive for a breakout to the upside, however, a 13 sell setup on the TD Sequential indicator has appeared on BTCUSD price charts.

If this signal confirms, even a pump and breakout today could lead to a lasting selloff. The next few hours ahead of Bitcoin’s daily close will be critical, and all eyes around the crypto space will be on Bitcoin.

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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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