Crypto Analyst: Last Leg Down for Bitcoin Correction Coming This Week

Tony "The Bull" Severino

1 year ago

2 mins read

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Bitcoin price has been consolidating for what feels like ages now. After Bitcoin’s parabolic run-up, the leading crypto asset by market cap was rejected at $13,800 – just before it could break through the final bear market resistance.

And while Bitcoin is most definitely laying the foundation for its next big bull run, one crypto analyst expects the final leg down of Bitcoin’s short-term correction to come this week, and finally leave the current trading range that Bitcoin has been trapped in now for over two months.

Crypto Analyst Expects Move to $7-8K Range This Week

Asset prices cannot go up in a straight line, and while Bitcoin often likes to challenge that theory, the times it does go parabolic typically leads to a correction.

This latest rally Bitcoin has been on since the start of April also went parabolic, yet not to the same degree as the rally to the previous all-time high of $20,000. But still, parabolic rallies tend to correct and correct hard.

Thus far, Bitcoin has corrected over 30% – a common figure during the last bull run, but most expect Bitcoin to correct further before it resumes on its way to retesting highs and setting new ones.

One crypto analyst expects more correction ahead and believes that the “last leg down” is coming this week.

I believe we will see the last leg down we have been waiting for within 1 week. Expecting a move into GREEN that will be bought up almost instantly, leaving a nice long downside wick on the weekly. Within 2 weeks, we will be well on our way to 14k+. Keeping it simple. $BTC pic.twitter.com/hC0jlXphvg

— CrediBULL Crypto (@CredibleCrypto) August 26, 2019

After Correction, Bull Run Resumes, BTC Breaks Above $14K

The same crypto analyst has downside targets of between $7,500 to $9,000, which would fall in line with what most other analysts believe is a high area of interest where a lot of buyers are waiting to snag up cheaper Bitcoin in a haste.

Also, in that trading range, is a CME Futures gap that’s been oft-cited as a place that Bitcoin price might return to “fill” the gap.

In financial markets,”filling the gap” is a process in which an asset returns to previous price levels where a void in a chart has formed, due to the price of the asset rapid growing or falling while trading sessions are offline. When trading resumes, the price of the asset is far lower or higher than it was at close, leaving an unfilled gap.

CME Futures trading closes on Fridays, often leaving gaps when Bitcoin price rises or drops significantly over the weekend.

As for upside targets, CME Futures gaps may also provide a hint as to where we’ll go after the lower gap is filled. Two gaps at $18,500, and $17,700 exist, and the proximity to Bitcoin’s previous all-time high, could suggest that these gaps will be the last stop for Bitcoin price before it retests $20,000 and sets a new record for the crypto asset.

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.