{"id":465238,"date":"2021-06-08T15:23:17","date_gmt":"2021-06-08T15:23:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=465238"},"modified":"2024-06-11T13:56:14","modified_gmt":"2024-06-11T13:56:14","slug":"bitcoin-indicator-behavior-mega-pump","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-indicator-behavior-mega-pump\/","title":{"rendered":"Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally"},"content":{"rendered":"

Bitcoin price keeps sinking<\/a>, but has kept mostly sideways leaving bears unable to break support to new lows. With the trading range at a pivotal point, as one trading legend often says it is “time to pay attention.”<\/p>\n

The reason for the focus, is because what started as a fractal<\/a> in price action, is now causing similar behavior in the Bollinger Bands that led to one of the most powerful pumps in Bitcoin history. Is that what’s next with bearish sentiment at such critical heights currently?<\/p>\n

Pause In Downtrend Leaves Traders Confused, Market In Fear<\/h2>\n

Markets are cyclical<\/a> and oftentimes sentiment lags behind price action. The recent uptrend in cryptocurrencies came to a pause when things were at their best \u2013 just as Coinbase Global went public, and prices were at all-time highs.<\/p>\n

Related Reading | Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce<\/a><\/strong><\/em><\/p>\n

It wasn’t until more than 50% from the price per BTC was shed before investors started to become bearish on Bitcoin. Over the last several weeks since the big drop in May, a symmetrical triangle<\/a> has been forming but it might not play out the way text book technical analysis would suggest.<\/p>\n

\"bollinger<\/p>\n

The Bollinger Bands closely match the \"China pump\" from 2019 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Sentiment is at extreme fear and a technical indicator that can be used to forecasts bounces, the Bollinger Bands<\/a>, looks a lot like the last time the market reached a pause in a new downtrend like this.<\/p>\n
At that time, the creator of the tool, John Bollinger<\/a>, warned it was now “time to pay attention” as trickery could soon reveal, and reveal it did.<\/p>\n
Bitcoin “Squeeze” Could Lead To Epic Pump<\/h2>\n
With sentiment at the very worst and a sweep of lows now checked off the list<\/a>, Bitcoin price could pump back higher to either retest or reclaim previous highs.<\/p>\n
Price action has repeatedly wicked into the lower Bollinger Band without a big break, suggesting that this latest test of the lower band is a bear trap setup called the “Gimmee Bar” discovered by Joe Ross<\/a>.<\/p>\n
\"bitcoin<\/p>\n
Several wicks into the lower BB suggest a bear trap | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
In 2019<\/a>, the top cryptocurrency couldn’t recover the lost level, but the bull market is a lot different this time around. Holding the level here would result in the first major bull market correction of the rally continues from here.<\/p>\n
Related Reading | Bitcoin Bulls And Bears Alike Beware Of Potential Pump And Dump Fractal<\/a><\/strong><\/em><\/p>\n
If the level cannot be reclaimed, much like the China pump of late 2019 failed and led to new lows<\/a>, so too will any unfinished recovery from here. Regardless of what happens, it is worth paying extra close attention the next several days until Bitcoin price choses a new direction.<\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price keeps sinking, but has kept mostly sideways leaving bears unable to break support to new lows. With the trading range at a pivotal point, as one trading legend often says it is “time to pay attention.” The reason for the focus, is because what started as a fractal in price action, is now causing similar behavior in the Bollinger Bands that led to one of the most powerful pumps in Bitcoin history. Is that what’s next with bearish sentiment at such critical heights currently? Pause In Downtrend Leaves Traders Confused, Market In Fear Markets are cyclical and oftentimes sentiment lags behind price action. The recent uptrend in cryptocurrencies came to a pause when things were at their best \u2013 just as Coinbase Global went public, and prices were at all-time highs. Related Reading | Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce It wasn’t until more than 50% from the price per BTC was shed before investors started to become bearish on Bitcoin. Over the last several weeks since the big drop in May, a symmetrical triangle has been forming but it might not play out the way text book technical analysis would suggest. The Bollinger Bands closely match the “China pump” from 2019 | Source: BTCUSD on TradingView.com Sentiment is at extreme fear and a technical indicator that can be used to forecasts bounces, the Bollinger Bands, looks a lot like the last time the market reached a pause in a new downtrend like this. At that time, the creator of the tool, John Bollinger, warned it was now “time to pay attention” as trickery could soon reveal, and reveal it did. Bitcoin “Squeeze” Could Lead To Epic Pump With sentiment at the very worst and a sweep of lows now checked off the list, Bitcoin price could pump back higher to either retest or reclaim previous highs. Price action has repeatedly wicked into the lower Bollinger Band without a big break, suggesting that this latest test of the lower band is a bear trap setup called the “Gimmee Bar” discovered by Joe Ross. Several wicks into the lower BB suggest a bear trap | Source: BTCUSD on TradingView.com In 2019, the top cryptocurrency couldn’t recover the lost level, but the bull market is a lot different this time around. Holding the level here would result in the first major bull market correction of the rally continues from here. Related Reading | Bitcoin Bulls And Bears Alike Beware Of Potential Pump And Dump Fractal If the level cannot be reclaimed, much like the China pump of late 2019 failed and led to new lows, so too will any unfinished recovery from here. Regardless of what happens, it is worth paying extra close attention the next several days until Bitcoin price choses a new direction. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":465246,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1057,1119,1144,78790,6664,62408,4524,76835],"class_list":["post-465238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bollinger-bands","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-john-bollinger","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nTime To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price keeps sinking, but has kept mostly sideways leaving bears unable to break support to new lows. 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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. 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.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally","url":"http:\/\/uniquehot.com\/news\/bitcoin-indicator-behavior-mega-pump\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-indicator-behavior-mega-pump\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-mega-pump-iStock-1203122028.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-mega-pump-iStock-1203122028.jpeg?fit=1024%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bollinger bands","btc","btcusd","btcusdt","crypto","john bollinger","xbt","xbtusd"],"dateCreated":"2021-06-08T15:23:17Z","datePublished":"2021-06-08T15:23:17Z","dateModified":"2024-06-11T13:56:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-indicator-behavior-mega-pump\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-indicator-behavior-mega-pump\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-mega-pump-iStock-1203122028.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/06\\\/bitcoin-mega-pump-iStock-1203122028.jpeg?fit=1024%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bollinger bands\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"john bollinger\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-06-08T15:23:17Z\",\"datePublished\":\"2021-06-08T15:23:17Z\",\"dateModified\":\"2024-06-11T13:56:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/bitcoin-mega-pump-iStock-1203122028.jpeg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/465238"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=465238"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/465238\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/465246"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=465238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=465238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=465238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}