{"id":537304,"date":"2023-06-09T23:01:35","date_gmt":"2023-06-09T23:01:35","guid":{"rendered":"https:\/\/uniquehot.com\/?p=537304"},"modified":"2024-06-11T07:07:47","modified_gmt":"2024-06-11T07:07:47","slug":"bitcoin-throwback-flawless-technical-bottoming-formation","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-throwback-flawless-technical-bottoming-formation\/","title":{"rendered":"Bitcoin “Throwback” Could Trigger Flawless Technical Bottom Formation"},"content":{"rendered":"

Bitcoin price is struggling after failing to make it above resistance last month. Combined with the recent pressure on the crypto market applied by the US SEC<\/a>, things aren’t looking great for bulls.<\/p>\n

However, the correction has stopped precisely at a key level that could indicate a “throwback” is in process. If confirmed, BTCUSD could trade above $40,000 per coin in the near future.<\/p>\n

A Closer Look At The Technical Bottom Formation In Crypto<\/h2>\n

The study of technical analysis<\/a> uses past price history to predict probabilities in future market movements. Certain patterns have been discovered time and time again, that produce reasonably replicable results. From the size or shape of the pattern, analysts can derive roughly how far the associated breakout should travel.<\/p>\n

Related Reading: Bitcoin Retests Moving Average That Marked All Major Market Bottoms<\/a><\/div>\n

Bitcoin price action over the last year has formed what appears to be a technically flawless inverse head and shoulders pattern<\/a>. The inverse head and shoulders is a bullish reversal pattern that appears at the bottom of a trend as it change direction. It consists of a left shoulder, head, a right shoulder, and a neckline. The head must be lower than each shoulder, and the neckline is of extra importance, because that’s where the abundance of orders are associated.<\/p>\n

\"bitcoin<\/p>\n

Is this a throwback to the neckline? | BTCUSD on TradingView.com<\/a><\/pre>\n
What Exactly Is A Bitcoin Throwback, And Why Does It Matter?<\/h2>\n
A throwback occurs after a breakout of the neckline, when the market isn’t convinced of the bullish move. The neckline holding is a sign to others that the pattern could confirm, and more traders pile in creating a breakout and strong move higher. When using the example as a comparison, the resulting breakout could reach as much as over $40,000 per BTC.<\/p>\n
Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom<\/a><\/div>\n
When bullish patterns fail, the result is called a “busted” pattern and can cause a further crash as long traders are stopped out below the neckline. Stop loss levels are placed below the neckline, because a confirmed pattern will not breach below this point. Therefore, for the pattern to confirm, holding the neckline is especially critical. Will we see this bullish chart pattern ultimately confirm, or fail?<\/p>\n
This chart appeared in issue #7 of CoinChartist VIP<\/a> alongside a dozen other exclusive crypto charts.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling after failing to make it above resistance last month. Combined with the recent pressure on the crypto market applied by the US SEC, things aren’t looking great for bulls. However, the correction has stopped precisely at a key level that could indicate a “throwback” is in process. If confirmed, BTCUSD could trade above $40,000 per coin in the near future. A Closer Look At The Technical Bottom Formation In Crypto The study of technical analysis uses past price history to predict probabilities in future market movements. Certain patterns have been discovered time and time again, that produce reasonably replicable results. From the size or shape of the pattern, analysts can derive roughly how far the associated breakout should travel. Related Reading: Bitcoin Retests Moving Average That Marked All Major Market Bottoms Bitcoin price action over the last year has formed what appears to be a technically flawless inverse head and shoulders pattern. The inverse head and shoulders is a bullish reversal pattern that appears at the bottom of a trend as it change direction. It consists of a left shoulder, head, a right shoulder, and a neckline. The head must be lower than each shoulder, and the neckline is of extra importance, because that’s where the abundance of orders are associated. Is this a throwback to the neckline? | BTCUSD on TradingView.com What Exactly Is A Bitcoin Throwback, And Why Does It Matter? A throwback occurs after a breakout of the neckline, when the market isn’t convinced of the bullish move. The neckline holding is a sign to others that the pattern could confirm, and more traders pile in creating a breakout and strong move higher. When using the example as a comparison, the resulting breakout could reach as much as over $40,000 per BTC. Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom When bullish patterns fail, the result is called a “busted” pattern and can cause a further crash as long traders are stopped out below the neckline. Stop loss levels are placed below the neckline, because a confirmed pattern will not breach below this point. Therefore, for the pattern to confirm, holding the neckline is especially critical. Will we see this bullish chart pattern ultimately confirm, or fail? This chart appeared in issue #7 of CoinChartist VIP alongside a dozen other exclusive crypto charts. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":537306,"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":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-537304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin "Throwback" Could Trigger Flawless Technical Bottom Formation<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling after failing to make it above resistance last month. 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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":"Bitcoin “Throwback” Could Trigger Flawless Technical Bottom Formation","url":"http:\/\/uniquehot.com\/news\/bitcoin-throwback-flawless-technical-bottoming-formation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-throwback-flawless-technical-bottoming-formation\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-1198591342.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-1198591342.jpg?fit=2119%2C1414"},"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","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2023-06-09T23:01:35Z","datePublished":"2023-06-09T23:01:35Z","dateModified":"2024-06-11T07:07:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin “Throwback” Could Trigger Flawless Technical Bottom Formation\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-throwback-flawless-technical-bottoming-formation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-throwback-flawless-technical-bottoming-formation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1198591342.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-1198591342.jpg?fit=2119%2C1414\"},\"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\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2023-06-09T23:01:35Z\",\"datePublished\":\"2023-06-09T23:01:35Z\",\"dateModified\":\"2024-06-11T07:07:47Z\"}<\/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\/2023\/06\/iStock-1198591342.jpg?fit=2119%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/537304"}],"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=537304"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/537304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/537306"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=537304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=537304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=537304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}