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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

WATCH: Bitcoin Brutalized After August CPI Data Release | BTCUSD September 13, 2022

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
4 mins read
bitcoin cpi august

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In this episode of NewsBTC’s daily technical analysis videos, we take a look at Bitcoin price action following today’s selloff in reaction to August CPI numbers.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 13, 2022

Today just so happened to be August CPI numbers release day, so volatility was expected all around. The Consumer Price Index went up by 0.1% month over month from July, leading to an immediate selloff in anything that wasn’t the dollar.

Related Reading

bitcoin buy signal

WATCH: Bitcoin Weekly Chart Fires Bottom Signals At Open | BTCUSD September 12, 2022

1 year ago

BTCUSD Buy Signals At Risk After CPI Selloff

The selloff really was immediate. When looking at the one-minute candle, Bitcoin lost over 6% in value in a minute or two. Sell orders executed within seconds of CPI numbers being released.

The selloff is notable as it is putting many of the buy signals from the weekly open in yesterday’s video at risk. These signals appeared at the open of the weekly session, which means a close this week was always required to confirm the signals.

Bitcoin Price BTC BTCUSDT

Quite the dump the second CPI numbers were released | Source: BTCUSD on TradingView.com

Bitcoin Bottom Fractal Features Similar Selloff Ahead Of Breakout

The 2018 Bitcoin bear market bottom had a selloff that was very similar to today’s price action and resulting candlestick.

Using nothing more than an arrow placed at both of these key moments, when zoomed out on the weekly the selloffs both occurred just as these important buy signals were triggered on weekly timeframes.

BTCUSD_2022-09-13_12-54-11

The weekly buy signals are now at risk | Source: BTCUSD on TradingView.com

Related Reading: WATCH: Bitcoin Bottoms As Easy As Pi? | BTCUSD September 9, 2022

Could The Top Crypto Close The Year Back At $40K?

The timing of the pullback today is eerily similar to the 2018 bear market bottom, according to a fractal placed below the current price action. In this instance, Bitcoin never made new lows, but instead simply moved sideways for several more weeks to draw in more short interest.

The cryptocurrency then rallied by more than 300% in three months. If the fractal continues to be followed, Bitcoin price could end the year at around $40,000 per coin.

BTCUSD_2022-09-13_12-56-05

Will BTC close above $40K to end the year? | Source: BTCUSD on TradingView.com

More Downside Instead? What The Bearish Scenario Looks Like

Of course we’d be foolish to rule out more downside considering the bearish macro backdrop. Taking a fractal from the last correction, we could have a roadmap for the last leg down.

The fractal has Bitcoin price terminating the pattern only a few hundred dollars away from the 2019 peak and would complete an expanded flat pattern. 

BTCUSD_2022-09-13_12-57-22

What another leg down could look like | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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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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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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