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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Slips Below $11,400 Momentarily, Have Bulls Lost Critical Support?

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin crypto btcusd

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Bitcoin price earlier today broke below $11,500 and within hours slid below $11,400 momentarily. Currently, the leading cryptocurrency by market cap is trying to find support at the critical level. But why is this level so important for bulls to maintain? And if this level is lost, where may targets lie below?

Bitcoin Falls Below Critical Weekly Support at $14,000 But Can Bulls Hold Their Ground?

Bitcoin’s uptrend is now in jeopardy. After the cryptocurrency experienced one of its hottest summers on record, things are potentially ready to cool off for the fall months.

Indicators show that although a long-term uptrend is building on high timeframes, on smaller-timeframes, the short-term downtrend may be ending. The question then is, will this be a short-lived correction swiftly bought up by bulls, or could this be another turn for the worse?

The last major rejection in Bitcoin was at $14,000. A fall from $12,400 would technically be a lower high – a key characteristic of a downtrend.

Black Thursday stopping short of setting a lower low is Bitcoin’s best saving grace from another fall into a bear market, but things may not be as bullish as market sentiment lets on.

Related Reading | Bitcoin Crossroads: Indicator Signals Short-Term Top, But Final Bullish Impulse Is Possible

However, bulls must first lose support at $11,400. The important resistance level dates as far back as November 2017, and was the last level to be breached before the cryptocurrency set its record at $20,000.

After the last week of January 2018, Bitcoin never again closed a weekly candle above the level, proving to be too powerful of resistance – until recently. Just weeks ago, the cryptocurrency broke above the key level and closed multiple weekly candles above.

But now it may be time to come back down to retest various former resistance levels as support, starting with $11,400 – currently in progress.

bitcoin btcusd btcusdt crypto weekly

BTCUSD Weekly Support Test In Progress | Source: TradingView

Cryptocurrency Drops To Critical Levels On Key Chart Timeframes, Head And Shoulders Possible

The retest of weekly support, if lost, could send Bitcoin down to retest both diagonal downtrend resistance turned support and horizontal support at $10,250. This confluence of support could be an ideal location to buy the dip if current weekly support fails.

bitcoin btusd 12 hour ichimoku

BTCUSD 12-Hour Ichimoku | Source: TradingView

Coinciding with weekly support, on the BTCUSD 12-hour chart, the cryptocurrency is also attempting to find support on the top of the Ichimoku cloud. However, removing the technical analysis indicator, also shows a potential head and shoulders pattern nearing completion.

bitcoin btcusd head and shoulders

BTCUSD Daily Head And Shoulders | Source: TradingView

A head and shoulders formation is typically a reversal pattern that appears at the top of a rally, just as things turn around. The chart pattern completing, has a target that would line up well with a retest of former downtrend resistance to confirm it as support.

If Bitcoin can hold there, any further downside will be unlikely, and it could be the last correction before the bull market begins.

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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

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