{"id":394278,"date":"2019-08-26T19:03:35","date_gmt":"2019-08-26T19:03:35","guid":{"rendered":"https:\/\/wncen.com\/?p=394278"},"modified":"2024-06-11T13:24:45","modified_gmt":"2024-06-11T13:24:45","slug":"crypto-analyst-last-leg-down-for-bitcoin-correction-coming-this-week","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-analyst-last-leg-down-for-bitcoin-correction-coming-this-week\/","title":{"rendered":"Crypto Analyst: Last Leg Down for Bitcoin Correction Coming This Week"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has been consolidating for what feels like ages now. After Bitcoin\u2019s parabolic run-up, the leading crypto asset by market cap was rejected at $13,800 \u2013 just before it could break through the final bear market resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And while Bitcoin is most definitely laying the foundation for its next big bull run, one crypto analyst expects the final leg down of Bitcoin\u2019s short-term correction to come this week, and finally leave the current trading range that Bitcoin has been trapped in now for over two months.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Crypto Analyst Expects Move to $7-8K Range This Week <\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Asset prices cannot go up in a straight line, and while Bitcoin often likes to challenge that theory, the times it does go parabolic typically leads to a correction.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/23\/bitcoin-price-could-test-bottom-of-weekly-range-macd-turning-bear\/\">Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">This latest rally Bitcoin has been on since the start of April also went parabolic, yet not to the same degree as the rally to the previous all-time high of $20,000. But still, parabolic rallies tend to correct and correct hard.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Thus far, Bitcoin has corrected over 30% \u2013 a common figure during the last bull run, but most expect Bitcoin to correct further before it resumes on its way to retesting highs and setting new ones.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">One crypto analyst expects more correction ahead and believes that the \u201clast leg down\u201d is coming this week.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I believe we will see the last leg down we have been waiting for within 1 week. Expecting a move into GREEN that will be bought up almost instantly, leaving a nice long downside wick on the weekly. Within 2 weeks, we will be well on our way to 14k+. Keeping it simple. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/hC0jlXphvg\" rel=\"nofollow\">pic.twitter.com\/hC0jlXphvg<\/a><\/p>\n<p>&mdash; CrediBULL Crypto (@CredibleCrypto) <a href=\"https:\/\/twitter.com\/CredibleCrypto\/status\/47551488?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"p1\"><span class=\"s1\">After Correction, Bull Run <\/span><span class=\"s1\">Resumes<\/span><span class=\"s1\">, BTC Breaks Above $14K<\/span><\/h2>\n<p>The same crypto analyst has downside targets of between $7,500 to $9,000, which would fall in line with what most other analysts believe is a high area of interest where a lot of buyers are waiting to snag up cheaper Bitcoin in a haste.<\/p>\n<p>Also, in that trading range, is a <a href=\"https:\/\/wncen.com\/2019\/07\/23\/bitcoin-may-drop-until-it-fills-cme-btc-futures-gap-at-8500\/\">CME Futures gap<\/a> that&#8217;s been oft-cited as a place that Bitcoin price might return to &#8220;fill&#8221; the gap.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/21\/bears-in-charge-as-bitcoin-price-at-risk-of-november-2018-style-dump\/\">Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump\u00a0<\/a><\/strong><\/em><\/p>\n<p>In financial markets,\u201dfilling the gap\u201d is a process in which an asset returns to previous price levels where a void in a chart has formed, due to the price of the asset rapid growing or falling while trading sessions are offline. When trading resumes, the price of the asset is far lower or higher than it was at close, leaving an unfilled gap.<\/p>\n<p>CME Futures trading closes on Fridays, often leaving gaps when Bitcoin price rises or drops significantly over the weekend.<\/p>\n<p>As for upside targets, CME Futures gaps may also provide a hint as to where we&#8217;ll go after the lower gap is filled. Two gaps at $18,500, and $17,700 exist, and the proximity to Bitcoin&#8217;s previous all-time high, could suggest that <a href=\"https:\/\/wncen.com\/2019\/05\/30\/bitcoin-daily-cboe-futures-chart-has-gaps-galore-when-will-they-fill\/\">these gaps<\/a> will be the last stop for Bitcoin price before it retests $20,000 and sets a new record for the crypto asset.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has been consolidating for what feels like ages now. After Bitcoin\u2019s parabolic run-up, the leading crypto asset by market cap was rejected at $13,800 \u2013 just before it could break through the final bear market resistance. And while Bitcoin is most definitely laying the foundation for its next big bull run, one crypto analyst expects the final leg down of Bitcoin\u2019s short-term correction to come this week, and finally leave the current trading range that Bitcoin has been trapped in now for over two months. Crypto Analyst Expects Move to $7-8K Range This Week Asset prices cannot go up in a straight line, and while Bitcoin often likes to challenge that theory, the times it does go parabolic typically leads to a correction. Related Reading | Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear This latest rally Bitcoin has been on since the start of April also went parabolic, yet not to the same degree as the rally to the previous all-time high of $20,000. But still, parabolic rallies tend to correct and correct hard. Thus far, Bitcoin has corrected over 30% \u2013 a common figure during the last bull run, but most expect Bitcoin to correct further before it resumes on its way to retesting highs and setting new ones. One crypto analyst expects more correction ahead and believes that the \u201clast leg down\u201d is coming this week.\u00a0 I believe we will see the last leg down we have been waiting for within 1 week. Expecting a move into GREEN that will be bought up almost instantly, leaving a nice long downside wick on the weekly. Within 2 weeks, we will be well on our way to 14k+. Keeping it simple. $BTC pic.twitter.com\/hC0jlXphvg &mdash; CrediBULL Crypto (@CredibleCrypto) August 26, 2019 After Correction, Bull Run Resumes, BTC Breaks Above $14K The same crypto analyst has downside targets of between $7,500 to $9,000, which would fall in line with what most other analysts believe is a high area of interest where a lot of buyers are waiting to snag up cheaper Bitcoin in a haste. Also, in that trading range, is a CME Futures gap that&#8217;s been oft-cited as a place that Bitcoin price might return to &#8220;fill&#8221; the gap. Related Reading | Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump\u00a0 In financial markets,\u201dfilling the gap\u201d is a process in which an asset returns to previous price levels where a void in a chart has formed, due to the price of the asset rapid growing or falling while trading sessions are offline. When trading resumes, the price of the asset is far lower or higher than it was at close, leaving an unfilled gap. CME Futures trading closes on Fridays, often leaving gaps when Bitcoin price rises or drops significantly over the weekend. As for upside targets, CME Futures gaps may also provide a hint as to where we&#8217;ll go after the lower gap is filled. Two gaps at $18,500, and $17,700 exist, and the proximity to Bitcoin&#8217;s previous all-time high, could suggest that these gaps will be the last stop for Bitcoin price before it retests $20,000 and sets a new record for the crypto asset.<\/p>\n","protected":false},"author":517,"featured_media":394287,"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":[428,679,11641,1501,6664,45189,3584],"class_list":["post-394278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-cme-futures","tag-correction","tag-crypto","tag-gaps","tag-rally"],"acf":[],"yoast_head":"\n<title>Crypto Analyst: Last Leg Down for Bitcoin Correction Coming This Week<\/title>\n<meta name=\"description\" content=\"Bitcoin price has been consolidating for what feels like ages now. 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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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