{"id":389216,"date":"2019-07-10T15:28:27","date_gmt":"2019-07-10T15:28:27","guid":{"rendered":"https:\/\/uniquehot.com\/?p=389216"},"modified":"2024-06-11T13:45:17","modified_gmt":"2024-06-11T13:45:17","slug":"bitcoin-price-failure-bollinger","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-failure-bollinger\/","title":{"rendered":"Bitcoin Price Drops $1,000 or More Right at &#8220;Logical&#8221; Failure Point"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">This week, <a href=\"https:\/\/uniquehot.com\/2019\/07\/09\/venture-capitalist-bitcoin-economic-hedge\/\">Bitcoin\u2019s rally<\/a> and potential drive upward back into a full-blown bull run and parabolic advance reached a high point of $13,200, before bears got the best of bulls who had kept pumping up Bitcoin price higher and higher over the last 48 hours.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">During the 2018 bear market, once Bitcoin\u2019s parabolic advance was broken it ping-ponged between peaks and troughs before eventually bottoming. Will Bitcoin once again find a bottom now that more upside potential was rejected for now, and is $13,200 the new resistance to break before another attempt at $14,000 is made?<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Indicator Inventor: Bitcoin Price to Fail at \u201cLogical\u201d Place<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">At just about 7:30AM EDT on July 10, Bitcoin price traded at a high of $13,200 as it climbed its way back up towards previous resistance at $14,000 to make another go at breaking it and heading off to set new all-time highs.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |<a href=\"https:\/\/uniquehot.com\/2019\/07\/09\/bitcoin-performing-asset-100000\/\"> Investor: Bitcoin is the Best Performing Asset, Path to $100,000 is Easy To See\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Instead, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> was rejected at the important level above $13,000, much like it was at $14,000, albeit less violently. Bitcoin price hovered above a previous local high for much of the day before making an attempt much higher. There is stayed for hours before it ultimate was rejected by strong overhead resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The resistance point was a \u201clogical\u201d place for failure, according to the creator of the trading indicator, the <a href=\"https:\/\/www.bollingerbands.com\/bollinger-bands\" rel=\"nofollow\">Bollinger Bands<\/a>, John Bollinger. And failed it did, dropping nearly $1,000 instantly before a bounce at $12,000.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is a &#39;logical place&#39; to <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTCUSD<\/a> to fail. Time to pay attention.<\/p>\n<p>&mdash; John Bollinger (@bbands) <a href=\"https:\/\/twitter.com\/bbands\/status\/31542272?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">With $13,000 as the new psychological barrier to the bull run, anything below it now is bear territory, and bulls will need to stay on their toes. However, if a deeper correction follows here, it could be considered extremely healthy for the first ever crypto asset.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Many crypto analysts and traders suggest that a return to retest former resistance turned support is they key to confirming the bull run structure is sound and sustainable.<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Altcoins Capitulate Further if BTC Value Dives Deeper<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Another thing that is consider healthy for <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, is the death of altcoins. The asset class has breached support bottom support, and is at risk for plummeting much deeper. Some analysts claim the fall from here could translate to another 50% drop &#8211; much like Bitcoin price did when it finally fell through support at $6,000 and eventually bottomed out at $3,150.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |<a href=\"https:\/\/uniquehot.com\/2019\/07\/09\/crypto-analyst-bitcoin-btc-dominance-may-reach-80-altcoins-expected-to-bleed\/\"> Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Coupling news that <a href=\"\/tag\/binance\" rel=\"nofollow\">Binance\u2019s exotic altcoins<\/a> were off-limits for US-based investors, and Bitcoin\u2019s rally since April absorbing all of the capital from the altcoin market, and most altcoins are currently sitting at lows relative to their BTC trading pairs. In USD, their values are still above bear market lows, but another dip in Bitcoin would cause altcoins to drop in value in both BTC and USD in the near future.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Like Bitcoin, though, at levels below here altcoins become a strong buy and also like Bitcoin, could rebound to new highs in a matter of no time once final capitulation sets in and sell pressure lets up.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, Bitcoin\u2019s rally and potential drive upward back into a full-blown bull run and parabolic advance reached a high point of $13,200, before bears got the best of bulls who had kept pumping up Bitcoin price higher and higher over the last 48 hours. During the 2018 bear market, once Bitcoin\u2019s parabolic advance was broken it ping-ponged between peaks and troughs before eventually bottoming. Will Bitcoin once again find a bottom now that more upside potential was rejected for now, and is $13,200 the new resistance to break before another attempt at $14,000 is made? Indicator Inventor: Bitcoin Price to Fail at \u201cLogical\u201d Place At just about 7:30AM EDT on July 10, Bitcoin price traded at a high of $13,200 as it climbed its way back up towards previous resistance at $14,000 to make another go at breaking it and heading off to set new all-time highs. Related Reading | Investor: Bitcoin is the Best Performing Asset, Path to $100,000 is Easy To See\u00a0 Instead, Bitcoin price was rejected at the important level above $13,000, much like it was at $14,000, albeit less violently. Bitcoin price hovered above a previous local high for much of the day before making an attempt much higher. There is stayed for hours before it ultimate was rejected by strong overhead resistance. The resistance point was a \u201clogical\u201d place for failure, according to the creator of the trading indicator, the Bollinger Bands, John Bollinger. And failed it did, dropping nearly $1,000 instantly before a bounce at $12,000. This is a &#39;logical place&#39; to $BTCUSD to fail. Time to pay attention. &mdash; John Bollinger (@bbands) July 9, 2019 With $13,000 as the new psychological barrier to the bull run, anything below it now is bear territory, and bulls will need to stay on their toes. However, if a deeper correction follows here, it could be considered extremely healthy for the first ever crypto asset. Many crypto analysts and traders suggest that a return to retest former resistance turned support is they key to confirming the bull run structure is sound and sustainable. Altcoins Capitulate Further if BTC Value Dives Deeper Another thing that is consider healthy for Bitcoin, is the death of altcoins. The asset class has breached support bottom support, and is at risk for plummeting much deeper. Some analysts claim the fall from here could translate to another 50% drop &#8211; much like Bitcoin price did when it finally fell through support at $6,000 and eventually bottomed out at $3,150. Related Reading | Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed\u00a0 Coupling news that Binance\u2019s exotic altcoins were off-limits for US-based investors, and Bitcoin\u2019s rally since April absorbing all of the capital from the altcoin market, and most altcoins are currently sitting at lows relative to their BTC trading pairs. In USD, their values are still above bear market lows, but another dip in Bitcoin would cause altcoins to drop in value in both BTC and USD in the near future. Like Bitcoin, though, at levels below here altcoins become a strong buy and also like Bitcoin, could rebound to new highs in a matter of no time once final capitulation sets in and sell pressure lets up.<\/p>\n","protected":false},"author":517,"featured_media":389445,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[142,428,679,47181,6664],"class_list":["post-389216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoins","tag-bitcoin","tag-bitcoin-price","tag-capitulaton","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Drops $1,000 or More Right at &quot;Logical&quot; Failure Point<\/title>\n<meta name=\"description\" content=\"Bitcoin price fell $1,000 almost instantly after a prominent technical indicator inventor suggested Bitcoin&#039;s rally would fail.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-failure-bollinger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Drops $1,000 or More Right at &quot;Logical&quot; 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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\u2019s 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\u2019s 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. 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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\u2019s 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. 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