{"id":552200,"date":"2023-09-20T16:06:18","date_gmt":"2023-09-20T16:06:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552200"},"modified":"2024-06-11T07:59:49","modified_gmt":"2024-06-11T07:59:49","slug":"bitcoin-bulls-could-buck-downtrend-with-move-to-42000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bulls-could-buck-downtrend-with-move-to-42000\/","title":{"rendered":"Bitcoin Bulls Could Buck Downtrend With Move To $42,000"},"content":{"rendered":"

Bitcoin price is back above $27,000 per coin after holding firm at $25,000 for a second time.<\/p>\n

If price fails to move below support and makes another run for resistance, bulls might finally buck the downtrend with a powerful, measured move to $42,000.<\/p>\n

Recapping 2023 Using Classical Technical Analysis Methods<\/h2>\n

2023 thus far has been the year that Bitcoin went mostly sideways. The year began with a strong surge from bear market lows, but failed to instill enough confidence for instant continuation. Even an inverse head and shoulders pattern has yet to produce the expected upside target.<\/p>\n

Related Reading: Bitcoin Weekly TD Sequential Buy Setup Appears, But Warns Of Potential Risk<\/a><\/div>\n

Instead, BTCUSD has spent months and months going sideways, unable to break above $31,000 or below $25,000 per coin. With the top cryptocurrency finding support at $25,000 a second time, bulls might finally be emboldened.<\/p>\n

Using classical charting methods such as a the inverse head and shoulders neckline support and a simple downtrend line, we can begin to understand the technical explanation for the pause around this zone.<\/p>\n

\"bitcoin<\/p>\n

Bitcoin's target is $42,000 based on the measure rule | BTCUSD on TradingView.com<\/a><\/pre>\n
The Tale Of Two Retest And The $42,000 Target<\/h2>\n
It is common of an inverse head and shoulders pattern for price to throw back to former neckline resistance and retest it as support. This allows buyers to get in at lower levels, while those who bought earlier take profit.<\/p>\n
After a retest, Bitcoin made a substantial move up breaking through a downtrend line drawn from all-time highs. However, the confidence was still not enough for proper follow through, so Bitcoin fell back to $25,000 to test the downtrend line it broke out from.<\/p>\n
Related Reading: Bitcoin Bullish Uptrend Remains Unbroken, Here\u2019s Why<\/a><\/div>\n
With the level tested now twice and proving to be seemingly unbreakable, bulls might finally have the confidence to meet the target of the inverse head and shoulders pattern. This target is located at $42,000 per BTC.<\/p>\n
This chart originally appeared in Issue #21 of CoinChartist (VIP)<\/a>, where several other Bitcoin price charts demonstrate confluence with the target. Subscribe for free<\/a> to view the rest of the Bitcoin charts.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/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 back above $27,000 per coin after holding firm at $25,000 for a second time. If price fails to move below support and makes another run for resistance, bulls might finally buck the downtrend with a powerful, measured move to $42,000. Recapping 2023 Using Classical Technical Analysis Methods 2023 thus far has been the year that Bitcoin went mostly sideways. The year began with a strong surge from bear market lows, but failed to instill enough confidence for instant continuation. Even an inverse head and shoulders pattern has yet to produce the expected upside target. Related Reading: Bitcoin Weekly TD Sequential Buy Setup Appears, But Warns Of Potential Risk Instead, BTCUSD has spent months and months going sideways, unable to break above $31,000 or below $25,000 per coin. With the top cryptocurrency finding support at $25,000 a second time, bulls might finally be emboldened. Using classical charting methods such as a the inverse head and shoulders neckline support and a simple downtrend line, we can begin to understand the technical explanation for the pause around this zone. Bitcoin’s target is $42,000 based on the measure rule | BTCUSD on TradingView.com The Tale Of Two Retest And The $42,000 Target It is common of an inverse head and shoulders pattern for price to throw back to former neckline resistance and retest it as support. This allows buyers to get in at lower levels, while those who bought earlier take profit. After a retest, Bitcoin made a substantial move up breaking through a downtrend line drawn from all-time highs. However, the confidence was still not enough for proper follow through, so Bitcoin fell back to $25,000 to test the downtrend line it broke out from. Related Reading: Bitcoin Bullish Uptrend Remains Unbroken, Here\u2019s Why With the level tested now twice and proving to be seemingly unbreakable, bulls might finally have the confidence to meet the target of the inverse head and shoulders pattern. This target is located at $42,000 per BTC. This chart originally appeared in Issue #21 of CoinChartist (VIP), where several other Bitcoin price charts demonstrate confluence with the target. Subscribe for free to view the rest of the Bitcoin charts. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. 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":552209,"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":[428,1119,1144,82859,78790,6664,4524,76835],"class_list":["post-552200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Bulls Could Buck Downtrend With Move To $42,000<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back above $27,000 per coin after holding firm at $25,000 for a second time. 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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 Bulls Could Buck Downtrend With Move To $42,000","url":"http:\/\/uniquehot.com\/news\/bitcoin-bulls-could-buck-downtrend-with-move-to-42000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-bulls-could-buck-downtrend-with-move-to-42000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/shutterstock_1245835459.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/shutterstock_1245835459.jpg?fit=4096%2C2730"},"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","btcusdc","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2023-09-20T16:06:18Z","datePublished":"2023-09-20T16:06:18Z","dateModified":"2024-06-11T07:59:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bulls Could Buck Downtrend With Move To $42,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-bulls-could-buck-downtrend-with-move-to-42000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-bulls-could-buck-downtrend-with-move-to-42000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/shutterstock_1245835459.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/shutterstock_1245835459.jpg?fit=4096%2C2730\"},\"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\",\"btcusdc\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2023-09-20T16:06:18Z\",\"datePublished\":\"2023-09-20T16:06:18Z\",\"dateModified\":\"2024-06-11T07:59:49Z\"}<\/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\/09\/shutterstock_1245835459.jpg?fit=4096%2C2730","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552200"}],"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=552200"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552209"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}