Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event

Tony "The Bull" Severino

1 year ago

3 mins read

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While crypto traders watch and wait for Bitcoin’s next major move, word is spreading like wildfire regarding an astrological event kicking off today that could have a dramatic impact on the asset’s price action during the nearly month-long phase.

But what exactly is Mercury in Retrograde, and how does it impact Bitcoin and other cryptocurrencies?

Mercury in Retrograde Begins Today: What Does This Mean For Cryptocurrencies?

Today, at approximately 12:59 AM Eastern Daylight Time, Mercury, the smallest and innermost planet in the solar system went into “retrograde.”

This phase is preceded by a “Pre-Shadow phase” beginning on June 2. Mercury in Retrograde will last until July 12, when the celestial event concludes.

As Mercury floats across the night sky, during the retrograde phase, the planet appears to move backwards. This isn’t extremely uncommon, happening three times per year on average.

Its significance isn’t within its rarity, but in the implied impact the astrological event has on human behavior.

Astrology is the study of how celestial bodies such as stars, the moon, and planets, influence human emotion and behavior patterns.

Mercury in Retrograde has been blamed for broken friendships, relationships coming to an end, and other misfortune.

Price action, and the regular tug of war between buyers and sellers, also plays out based on human emotions and patterns. Because of this, Mercury in Retrograde can have a significant impact on asset prices, such as Bitcoin.

Astrological Event Could Determine If Bitcoin Is Bullish or Bearish

Mercury in Retrograde is so significant, it’s written about all over the internet, usually as relationship or career advice and horoscopes. People often search for how to navigate their emotions during the event to avoid experiencing any loss.

Crypto traders are also making memes and sharing anecdotes regarding the astrological event’s impact on Bitcoin price action.

While jokes are being made, the potential impact of Mercury in Retrograde on Bitcoin appears to be no laughing matter.

In the chart above, each Mercury in Retrograde phase over the last year has been outlined in red. Note how each phase, has led to a major collapse in the cryptocurrency.

Zooming out further, in the chart above, it appears as though during bear markets, Bitcoin crashes with each Mercury in Retrograde. However, in bull markets, each phase brings about a massive bullish impulse.

The one deviation from this rule, was in early 2019, as Bitcoin broke out from below $4,000 and took off towards $14,000. At the top of that move, another bear market and Mercury in Retrograde phase began.

Interestingly, the June 2 “Pre-Shadow phase” also was the exact date Bitcoin was recently rejected from nearly $10,500, sending prices back below the resistance level again.

The full Mercury in Retrograde phase is now back, and Bitcoin price is at a critical junction. How the asset responds during this astrological event could determine if the cryptocurrency is in a bear or bull market.

If Bitcoin breaks up with a powerful impulse, it could be a signal that the bull market is here. Another collapse could extend the bear market even further, starting with today’s kick-off of the event.

Whatever happens, is likely to happen soon now that Mercury in Retrograde is underway.

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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