{"id":388304,"date":"2019-07-01T20:00:40","date_gmt":"2019-07-01T20:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=388304"},"modified":"2024-06-11T13:44:53","modified_gmt":"2024-06-11T13:44:53","slug":"bitcoin-price-btc-at-risk-of-correction-below-10000-reverse-fomo-trigger","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-at-risk-of-correction-below-10000-reverse-fomo-trigger\/","title":{"rendered":"Bitcoin Price (BTC) At Risk Of Correction Below $10,000, Reverse FOMO Trigger?"},"content":{"rendered":"

Bitcoin price<\/a> is finally taking a much-needed breather, after rallying for five months straight and bringing crypto investors who bought the bottom as much as 300% returns before it was rejected at $14,000 per BTC<\/a>.<\/span><\/p>\n

The current price action has Bitcoin price trading in the mid- to low-$10,000 range<\/a> following last night\u2019s \u201cugly\u201d daily, weekly, and monthly close \u2013 a close that could signal significant downside is int he cards. With price hovering just above the $10,000 \u2013 a level that was supposed to act as an important FOMO trigger \u2013 will it continue to hold as support or is a deeper correction due?<\/span><\/p>\n

Bitcoin Price Action: Will $10,000 Hold As Support?<\/span><\/h2>\n

Following the massive Bitcoin price rejection at $14,000 that caused a flash crash<\/a> that saw over $2,000 in value wiped out of the leading crypto by market cap and took down a number of crypto exchanges, the crypto asset that\u2019s been the talk of the market throughout 2019 has finally began its long-awaited correction that analysts and traders have been clamoring for ever since the rally originally began.<\/span><\/p>\n

Since its rally began in early February, Bitcoin has been nearly unstoppable, brushing off major FUD, a hack, and more without so much as a minor correction. A major break from bear market lows in April rocketed Bitcoin from its lowest depths at $3,150 over 340% to $13,900 where it met powerful resistance and subsequent violent rejection.<\/span><\/p>\n

Bitcoin price struggled to make another reattempt at the high, and creating a rounded top. The sharp, V-shaped high followed by a rounded, second top appears to be an Adam and Eve double top formation<\/a>, that often occur when a trend is exhausted and is about to reverse.<\/span><\/p>\n

\"\"<\/p>\n

Adding even more bearish potential to Bitcoin price charts, the June monthly candle closed as a doji \u2013 a type of candlestick showing indecision and potentially, a trend reversal<\/a>.<\/span><\/p>\n

Should Bitcoin reverse from here, key levels of support begin at $10,000 \u2013 the all-important level Tom Lee calls a FOMO trigger<\/a> for the crypto asset \u2013 and go all the way down to previous lows below $6,000 and again where Bitcoin set what most believe to be its bear market low. Below $10,000 was tested once so far now<\/a>, which either caused a \u201cspring\u201d in the asset, or was clearing the way for further downside.<\/span><\/p>\n

If Bitcoin breaks below $10,000 with power, and a major sell-off ensues, $10,000 may end up acting as a FOMO trigger, yet in reverse, and cause a panic-sell event that could cause the asset to retest former lows.<\/span><\/p>\n

Related Reading: This Textbook Indicator Hints a Sharp Bitcoin Trend Reversal<\/a><\/h6>\n

While panic selling could send Bitcoin plummeting downward as we\u2019ve witnessed in the past, a correction after so much upward movement is healthy, and doesn\u2019t put the integrity of the bull market structure that most analysts say has been building in recent weeks at risk.<\/span><\/p>\n

However, if Bitcoin were to somehow break back below $6,000 and retest lows, a bull market would likely be a long ways off for Bitcoin and it will be even more difficult for traders to shake the feeling of disbelief they felt when Bitcoin price first started to turn around.<\/span><\/p>\n

Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is finally taking a much-needed breather, after rallying for five months straight and bringing crypto investors who bought the bottom as much as 300% returns before it was rejected at $14,000 per BTC. The current price action has Bitcoin price trading in the mid- to low-$10,000 range following last night\u2019s \u201cugly\u201d daily, weekly, and monthly close \u2013 a close that could signal significant downside is int he cards. With price hovering just above the $10,000 \u2013 a level that was supposed to act as an important FOMO trigger \u2013 will it continue to hold as support or is a deeper correction due? Bitcoin Price Action: Will $10,000 Hold As Support? Following the massive Bitcoin price rejection at $14,000 that caused a flash crash that saw over $2,000 in value wiped out of the leading crypto by market cap and took down a number of crypto exchanges, the crypto asset that\u2019s been the talk of the market throughout 2019 has finally began its long-awaited correction that analysts and traders have been clamoring for ever since the rally originally began. Since its rally began in early February, Bitcoin has been nearly unstoppable, brushing off major FUD, a hack, and more without so much as a minor correction. A major break from bear market lows in April rocketed Bitcoin from its lowest depths at $3,150 over 340% to $13,900 where it met powerful resistance and subsequent violent rejection. Bitcoin price struggled to make another reattempt at the high, and creating a rounded top. The sharp, V-shaped high followed by a rounded, second top appears to be an Adam and Eve double top formation, that often occur when a trend is exhausted and is about to reverse. Adding even more bearish potential to Bitcoin price charts, the June monthly candle closed as a doji \u2013 a type of candlestick showing indecision and potentially, a trend reversal. Should Bitcoin reverse from here, key levels of support begin at $10,000 \u2013 the all-important level Tom Lee calls a FOMO trigger for the crypto asset \u2013 and go all the way down to previous lows below $6,000 and again where Bitcoin set what most believe to be its bear market low. Below $10,000 was tested once so far now, which either caused a \u201cspring\u201d in the asset, or was clearing the way for further downside. If Bitcoin breaks below $10,000 with power, and a major sell-off ensues, $10,000 may end up acting as a FOMO trigger, yet in reverse, and cause a panic-sell event that could cause the asset to retest former lows. Related Reading: This Textbook Indicator Hints a Sharp Bitcoin Trend Reversal While panic selling could send Bitcoin plummeting downward as we\u2019ve witnessed in the past, a correction after so much upward movement is healthy, and doesn\u2019t put the integrity of the bull market structure that most analysts say has been building in recent weeks at risk. However, if Bitcoin were to somehow break back below $6,000 and retest lows, a bull market would likely be a long ways off for Bitcoin and it will be even more difficult for traders to shake the feeling of disbelief they felt when Bitcoin price first started to turn around. Featured Image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":388312,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[33423,33424,428,679,6664,10667],"class_list":["post-388304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-33423","tag-33424","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-tom-lee"],"acf":[],"yoast_head":"\nBitcoin Price (BTC) At Risk Of Correction Below $10,000, Reverse FOMO Trigger?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is finally taking a much-needed breather, after rallying for five months straight and bringing crypto investors who bought the bottom as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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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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