{"id":438778,"date":"2020-09-17T20:00:09","date_gmt":"2020-09-17T20:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=438778"},"modified":"2024-06-11T14:16:32","modified_gmt":"2024-06-11T14:16:32","slug":"how-the-xi-pump-of-2019-backs-up-bitcoin-bearish-retest-theory","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/how-the-xi-pump-of-2019-backs-up-bitcoin-bearish-retest-theory\/","title":{"rendered":"How The Xi Pump of 2019 Backs Up Bitcoin Bearish Retest Theory"},"content":{"rendered":"

Several signs now suggest that Bitcoin’s recent pump to $11,000<\/a> that failed to hold could have been a bearish retest and rejection from support turned resistance.<\/p>\n

And while a bullish retest taking place at the same time has buyers confident, price action closely resembling last year’s Xi pump could be bad for the cryptocurrency.<\/p>\n

Bitcoin Bearish Retest Theory Gains Ground Due To Comparison With 2019<\/h2>\n

The recent possible “top” at the 2020 high of $12,400 shares many parallels with the top in 2019 when Bitcoin was rejected from $13,800.<\/p>\n

For one, both instances reached levels of extreme greed, In 2019, sentiment spike to higher extremes, but in 2020 it hovered there longer<\/a>.<\/p>\n

Both peak trading ranges eventually broke down, but what happens next will determine if history is repeating, or if the cryptocurrency is going to continue higher.<\/p>\n

Related Reading | This Signal Could Suggest Latest Bitcoin Rally Was A Bull Trap<\/a><\/strong><\/em><\/p>\n

The peak price action formed a head and shoulders reversal pattern<\/a>, which Bitcoin may have just retested and confirmed the neckline as support turned resistance.<\/p>\n

A potential bullish retest of “meme” downtrend resistance may have given bulls extra confidence, but it also could have led them into a bull trap, before the correction deepens.<\/p>\n

If the correction deepens, last year’s “Xi pump” may provide the map to follow toward new local lows.<\/p>\n

\"itcoin<\/p>\n

BTCUSD 2019 Daily Versus 2020 12-Hour Bearish Retest Comparison Chart | Source: TradingView<\/a><\/pre>\n
Remembering The Xi Pump And Comparing It To Current Crypto Price Action<\/h2>\n
In late October 2019, Chinese President Xi Jinping urged his country to be on the forefront of blockchain technology. There was no mention at all of Bitcoin, yet the narrative for an enormous pump and short squeeze was too perfect for whales to ignore<\/a>.<\/p>\n
Sharp buying of a sweep of lows pushed Bitcoin prices to set the third-largest single day rise on record. The insane pump caused serious FOMO as Bitcoin blasted back above $10,000.<\/p>\n
But ultimately, Bitcoin price was rejected hard, and one of the deepest downtrends followed. The fall took the crypto asset back to $6,000, and eventually, $3,800.<\/p>\n
Now, the same sort of price action is playing out across the 12-hour timeframe again in 2020, according to the chart above.<\/p>\n
Related Reading | Bitcoin Price Revisiting $11,000 Could Confirm Short-Term Bearish Reversal Pattern<\/a><\/strong><\/em><\/p>\n
The two different segments of price action look very similar, which could indicate that Bitcoin price could fall to the low $9,000 range over the next few weeks, and perhaps even further down the line.<\/p>\n
Although $12,400 would mark a higher low on high timeframes, the hallmark of a downtrend<\/a>, no lower low has yet to be set. A lower low below $3,800 would be crushing to crypto.<\/p>\n
However, this sort of price action could simply suggest that the “meme” triangle has yet to be broken out of, and the range is getting tighter.<\/p>\n
For now, its best to be careful considering a TD 9 sell setup, a head and shoulders<\/a>, and more could suggest a bull trap and bearish retest will lead to another drop soon enough<\/p>\n","protected":false},"excerpt":{"rendered":"
Several signs now suggest that Bitcoin’s recent pump to $11,000 that failed to hold could have been a bearish retest and rejection from support turned resistance. And while a bullish retest taking place at the same time has buyers confident, price action closely resembling last year’s Xi pump could be bad for the cryptocurrency. Bitcoin Bearish Retest Theory Gains Ground Due To Comparison With 2019 The recent possible “top” at the 2020 high of $12,400 shares many parallels with the top in 2019 when Bitcoin was rejected from $13,800. For one, both instances reached levels of extreme greed, In 2019, sentiment spike to higher extremes, but in 2020 it hovered there longer. Both peak trading ranges eventually broke down, but what happens next will determine if history is repeating, or if the cryptocurrency is going to continue higher. Related Reading | This Signal Could Suggest Latest Bitcoin Rally Was A Bull Trap The peak price action formed a head and shoulders reversal pattern, which Bitcoin may have just retested and confirmed the neckline as support turned resistance. A potential bullish retest of “meme” downtrend resistance may have given bulls extra confidence, but it also could have led them into a bull trap, before the correction deepens. If the correction deepens, last year’s “Xi pump” may provide the map to follow toward new local lows. BTCUSD 2019 Daily Versus 2020 12-Hour Bearish Retest Comparison Chart | Source: TradingView Remembering The Xi Pump And Comparing It To Current Crypto Price Action In late October 2019, Chinese President Xi Jinping urged his country to be on the forefront of blockchain technology. There was no mention at all of Bitcoin, yet the narrative for an enormous pump and short squeeze was too perfect for whales to ignore. Sharp buying of a sweep of lows pushed Bitcoin prices to set the third-largest single day rise on record. The insane pump caused serious FOMO as Bitcoin blasted back above $10,000. But ultimately, Bitcoin price was rejected hard, and one of the deepest downtrends followed. The fall took the crypto asset back to $6,000, and eventually, $3,800. Now, the same sort of price action is playing out across the 12-hour timeframe again in 2020, according to the chart above. Related Reading | Bitcoin Price Revisiting $11,000 Could Confirm Short-Term Bearish Reversal Pattern The two different segments of price action look very similar, which could indicate that Bitcoin price could fall to the low $9,000 range over the next few weeks, and perhaps even further down the line. Although $12,400 would mark a higher low on high timeframes, the hallmark of a downtrend, no lower low has yet to be set. A lower low below $3,800 would be crushing to crypto. However, this sort of price action could simply suggest that the “meme” triangle has yet to be broken out of, and the range is getting tighter. For now, its best to be careful considering a TD 9 sell setup, a head and shoulders, and more could suggest a bull trap and bearish retest will lead to another drop soon enough<\/p>\n","protected":false},"author":517,"featured_media":438800,"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":[61856,428,1144,78790,1310,6664,4524,76835,82856],"class_list":["post-438778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bearish-retest","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-china","tag-crypto","tag-xbt","tag-xbtusd","tag-xi-pump"],"acf":[],"yoast_head":"\nHow The Xi Pump of 2019 Backs Up Bitcoin Bearish Retest Theory<\/title>\n<meta name=\"description\" content=\"Several signs now suggest that Bitcoin's recent pump to 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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\u2019s 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\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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