{"id":429257,"date":"2020-07-01T21:00:22","date_gmt":"2020-07-01T21:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=429257"},"modified":"2024-06-11T12:25:37","modified_gmt":"2024-06-11T12:25:37","slug":"bitcoin-rounded-top-major-correction","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rounded-top-major-correction\/","title":{"rendered":"Bitcoin Has Only Had One Other Rounded Top, And a Major Correction Followed"},"content":{"rendered":"

If the current price action is a top formation, then it doesn’t match the sharp spikes Bitcoin<\/a> and blow-off tops the cryptocurrency is known for. Only one other time has a comparable rounded top formation appeared on BTCUSD price charts over the last ten years. And when it happened, a major correction followed.<\/p>\n

Should the first-ever cryptocurrency fail to pump soon and prove this trading range isn’t a top, then another collapse could be next.<\/p>\n

When Will The Confusing, Sideways Trading Range End and Crypto Break Out?<\/h2>\n

The current Bitcoin price action has the crypto market and its participants confused<\/a>. The indecision is reflected in both the sideways price action and the doji on the June monthly close<\/a>.<\/p>\n

Volatility in the normally notoriously explosive asset class has reached record lows. The cryptocurrency rarely stays in this tight of a trading range for very long. When it does eventually break out, a powerful, over 20% move follows, according to data<\/a>.<\/p>\n

Crypto analysts review past price action in Bitcoin seeking clues to how current and future price movements may play out.<\/p>\n

Related Reading | Bitcoin Monthly Shows Indecision, Data Reveals The Shocking Aftermath of Past Doji<\/a><\/strong><\/em><\/p>\n

Fundamentally, Bitcoin has never been healthier. The cryptocurrency’s halving just passed, and records are being set for the fewest BTC moved in years<\/a>. A number of key indicators are “screaming buy<\/a>.”<\/p>\n

Technically speaking, the cryptocurrency could be on the verge of its next long-term uptrend<\/a>. Or, another crash could be on the way before that happens.<\/p>\n

And if the current price action is a slowly rounding top, it marks only the second structure of this kind in the asset’s history. Only one other time did Bitcoin trade within a similar range and timeframe, and a massive correction followed.<\/p>\n

Bitcoin Ditches Sharp, Blow-Off Tops For Rounded Formation, Last Time a Dangerous Drop Followed<\/h2>\n

The leading cryptocurrency by market cap is at an impasse. A new tool indicated that Bitcoin’s next bull run was here, but the pandemic had other plans<\/a>. Now, cases of the outbreak are skyrocketing across the globe, putting the crypto market at risk of another steep selloff.<\/p>\n

The last panic-driven selloff on Black Thursday cut Bitcoin price in half within 48 hours. The move shocked the investment world as record losses were around every turn.<\/p>\n

While the asset has since recovered alongside the stock market, as cases spike again, there’s more danger and risk ahead.<\/p>\n

Coinciding with this concerning increase in cases and a return of fear, Bitcoin is ready for a decision to be made.<\/p>\n

The asset has been trading sideways for a total of 63 days within a 20% range. The only other instance of a rounded top in Bitcoin’s history that traded within a similar range and timeframe, resulted in a shocking drop.<\/p>\n

\"bitcoin<\/p>\n

Charts from TradingView.com<\/a><\/pre>\n
The drop resulted in yet another lower low in Bitcoin and a deeper dive into an extended bear market.<\/p>\n
Such a scenario, given Bitcoin’s fundamental health<\/a> and the hyperinflation that is coming, is unlikely. However, Bitcoin must prove that this isn’t a long, drawn-out rounded top.<\/p>\n
This type of rounding top formation<\/a> exhausts buyers at high levels, causing the drop to be that much more significant. Fewer buyers are willing to step in on the way down after buying at a loss above.<\/p>\n
Related Reading | Fund Manager: If Black Thursday Didn\u2019t Shake Out BTC Holders, Nothing Will<\/a><\/strong><\/em><\/p>\n
It could be the catalyst necessary for a larger, more effective shakeout of the strongest holders.<\/p>\n
A rounded top here at current prices would result in a lower high. The Black Thursday drop following the fall to $6K in December 2019, acted as a lower low.<\/p>\n
A lower high and a lower low is the definition of a downtrend forming. If Bitcoin cannot set a new high, a lower low may be coming, and this rounded top could be the reason.<\/p>\n","protected":false},"excerpt":{"rendered":"
If the current price action is a top formation, then it doesn’t match the sharp spikes Bitcoin and blow-off tops the cryptocurrency is known for. Only one other time has a comparable rounded top formation appeared on BTCUSD price charts over the last ten years. And when it happened, a major correction followed. Should the first-ever cryptocurrency fail to pump soon and prove this trading range isn’t a top, then another collapse could be next. When Will The Confusing, Sideways Trading Range End and Crypto Break Out? The current Bitcoin price action has the crypto market and its participants confused. The indecision is reflected in both the sideways price action and the doji on the June monthly close. Volatility in the normally notoriously explosive asset class has reached record lows. The cryptocurrency rarely stays in this tight of a trading range for very long. When it does eventually break out, a powerful, over 20% move follows, according to data. Crypto analysts review past price action in Bitcoin seeking clues to how current and future price movements may play out. Related Reading | Bitcoin Monthly Shows Indecision, Data Reveals The Shocking Aftermath of Past Doji Fundamentally, Bitcoin has never been healthier. The cryptocurrency’s halving just passed, and records are being set for the fewest BTC moved in years. A number of key indicators are “screaming buy.” Technically speaking, the cryptocurrency could be on the verge of its next long-term uptrend. Or, another crash could be on the way before that happens. And if the current price action is a slowly rounding top, it marks only the second structure of this kind in the asset’s history. Only one other time did Bitcoin trade within a similar range and timeframe, and a massive correction followed. Bitcoin Ditches Sharp, Blow-Off Tops For Rounded Formation, Last Time a Dangerous Drop Followed The leading cryptocurrency by market cap is at an impasse. A new tool indicated that Bitcoin’s next bull run was here, but the pandemic had other plans. Now, cases of the outbreak are skyrocketing across the globe, putting the crypto market at risk of another steep selloff. The last panic-driven selloff on Black Thursday cut Bitcoin price in half within 48 hours. The move shocked the investment world as record losses were around every turn. While the asset has since recovered alongside the stock market, as cases spike again, there’s more danger and risk ahead. Coinciding with this concerning increase in cases and a return of fear, Bitcoin is ready for a decision to be made. The asset has been trading sideways for a total of 63 days within a 20% range. The only other instance of a rounded top in Bitcoin’s history that traded within a similar range and timeframe, resulted in a shocking drop. Charts from TradingView.com The drop resulted in yet another lower low in Bitcoin and a deeper dive into an extended bear market. Such a scenario, given Bitcoin’s fundamental health and the hyperinflation that is coming, is unlikely. However, Bitcoin must prove that this isn’t a long, drawn-out rounded top. This type of rounding top formation exhausts buyers at high levels, causing the drop to be that much more significant. Fewer buyers are willing to step in on the way down after buying at a loss above. Related Reading | Fund Manager: If Black Thursday Didn\u2019t Shake Out BTC Holders, Nothing Will It could be the catalyst necessary for a larger, more effective shakeout of the strongest holders. A rounded top here at current prices would result in a lower high. The Black Thursday drop following the fall to $6K in December 2019, acted as a lower low. A lower high and a lower low is the definition of a downtrend forming. If Bitcoin cannot set a new high, a lower low may be coming, and this rounded top could be the reason.<\/p>\n","protected":false},"author":517,"featured_media":417753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,79571,4524,76835],"class_list":["post-429257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-rounded-top","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Has Only Had One Other Rounded Top, And a Major Correction Followed<\/title>\n<meta name=\"description\" content=\"If the current price action is a top formation, then it doesn't match the sharp spikes Bitcoin and blow-off tops the cryptocurrency is known for. 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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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