{"id":402360,"date":"2019-10-25T16:27:18","date_gmt":"2019-10-25T16:27:18","guid":{"rendered":"https:\/\/wncen.com\/?p=402360"},"modified":"2019-10-25T16:28:29","modified_gmt":"2019-10-25T16:28:29","slug":"bitcoin-price-smashes-above-8000-in-massive-short-squeeze","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-smashes-above-8000-in-massive-short-squeeze\/","title":{"rendered":"Bitcoin Price Smashes Above $8,000 In Massive Short Squeeze"},"content":{"rendered":"

This week, Bitcoin price<\/a> broke down from a bear flag pattern, setting a new local low around $7,300, and after some consolidation, broke back upward.<\/p>\n

The resulting break out of a short-term pennant has led to a short squeeze of epic proportions, and nearly a $1,000 green candle that sent bears into hibernation and Bitcoin price over $8,400.<\/p>\n

Bitcoin Price Blasts Upward To $8,400, Restores Confidence in Bull Market<\/h2>\n

After Bitcoin price<\/a> broke down from a multi-month descending triangle, bears completely took control of the number one crypto asset by market cap, and were able to swat the price of the cryptocurrency down to as low as $7,300 this week.<\/p>\n

Sentiment hit extreme lows, with the entire crypto community left in fear that the bear market wasn’t over, and a bottom may not be in. But today, the early signs of a reversal are forming, with a nearly $1,000 green candle striking fear into the hearts of overly confident bears.<\/p>\n

The powerful upward movements caused any shorts from above to begin to cover their positions and close out \u2013 potentially now at a loss \u2013 to prevent from further losses or to secure profit.<\/p>\n

Related Reading | How Bitcoin Fundamentals Have Strengthened Despite Bearish Price Sentiment<\/a><\/strong><\/em><\/p>\n

The bullish push is still underway, and currently trading at around $8,400 \u2013 to the shock and dismay of bears who had shorted Bitcoin from above. With such a powerful display from bulls, there’s potential that the move could spark a larger reversal in the bearish trend that was starting to take hold.<\/p>\n

Such a strong movement may also be enough to un-cross a death cross of the 200-day moving average and 50-day moving average that occurred after last night’s daily close. A death cross is typically a signal that an extended downtrend is ahead, and an extremely bearish sign. This could be an attempt by bulls to prevent Bitcoin from entering a downward spiral that could put a new bull run off for some time.<\/p>\n

Bull Trap, or Will BTC Reclaim Lost Highs?<\/h2>\n

Bitcoin is now nestled at the mid-range of the bear flag that had falsely broken down from, and could be targeting higher. During the trading range, Bitcoin set a high $8,800<\/a> \u2013 which could be the next logical target if bulls are able to hold prices above $8,400 and higher.<\/p>\n

If Bitcoin price<\/a> can take out resistance at $8,800, a restest of the breakdown from just under $10,000 could be in the cards. And if the leading crypto asset by market cap is somehow able to reclaim $10,000, talk of a return to the bear market should be silenced.<\/p>\n

However, the entire move could be a final bull trap before more continuation down. How Bitcoin closes this week’s weekly close will be telling if the move was legitimate or if it was nothing more than whales taking advantage of retail traders who were overly bearish and in over-leveraged short positions.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

This week, Bitcoin price broke down from a bear flag pattern, setting a new local low around $7,300, and after some consolidation, broke back upward. The resulting break out of a short-term pennant has led to a short squeeze of epic proportions, and nearly a $1,000 green candle that sent bears into hibernation and Bitcoin price over $8,400. Bitcoin Price Blasts Upward To $8,400, Restores Confidence in Bull Market After Bitcoin price broke down from a multi-month descending triangle, bears completely took control of the number one crypto asset by market cap, and were able to swat the price of the cryptocurrency down to as low as $7,300 this week. Sentiment hit extreme lows, with the entire crypto community left in fear that the bear market wasn’t over, and a bottom may not be in. But today, the early signs of a reversal are forming, with a nearly $1,000 green candle striking fear into the hearts of overly confident bears. The powerful upward movements caused any shorts from above to begin to cover their positions and close out \u2013 potentially now at a loss \u2013 to prevent from further losses or to secure profit. Related Reading | How Bitcoin Fundamentals Have Strengthened Despite Bearish Price Sentiment The bullish push is still underway, and currently trading at around $8,400 \u2013 to the shock and dismay of bears who had shorted Bitcoin from above. With such a powerful display from bulls, there’s potential that the move could spark a larger reversal in the bearish trend that was starting to take hold. Such a strong movement may also be enough to un-cross a death cross of the 200-day moving average and 50-day moving average that occurred after last night’s daily close. A death cross is typically a signal that an extended downtrend is ahead, and an extremely bearish sign. This could be an attempt by bulls to prevent Bitcoin from entering a downward spiral that could put a new bull run off for some time. Bull Trap, or Will BTC Reclaim Lost Highs? Bitcoin is now nestled at the mid-range of the bear flag that had falsely broken down from, and could be targeting higher. During the trading range, Bitcoin set a high $8,800 \u2013 which could be the next logical target if bulls are able to hold prices above $8,400 and higher. If Bitcoin price can take out resistance at $8,800, a restest of the breakdown from just under $10,000 could be in the cards. And if the leading crypto asset by market cap is somehow able to reclaim $10,000, talk of a return to the bear market should be silenced. However, the entire move could be a final bull trap before more continuation down. How Bitcoin closes this week’s weekly close will be telling if the move was legitimate or if it was nothing more than whales taking advantage of retail traders who were overly bearish and in over-leveraged short positions.  <\/p>\n","protected":false},"author":517,"featured_media":402364,"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":[428,679,6664,43406,15606],"class_list":["post-402360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-reversal","tag-short-squeeze"],"acf":[],"yoast_head":"\nBitcoin Price Smashes Above $8,000 In Massive Short Squeeze<\/title>\n<meta name=\"description\" content=\"This week, Bitcoin price broke down from a bear flag pattern, setting a new local low around $7,300, and after some consolidation, broke back upward. 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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. 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:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Smashes Above $8,000 In Massive Short Squeeze","url":"http:\/\/wncen.com\/news\/bitcoin-price-smashes-above-8000-in-massive-short-squeeze\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-smashes-above-8000-in-massive-short-squeeze\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/bitcoin-price-8000-shutterstock_1262008330.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/bitcoin-price-8000-shutterstock_1262008330.jpg?fit=6000%2C4002"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","crypto","reversal","short squeeze"],"dateCreated":"2019-10-25T16:27:18Z","datePublished":"2019-10-25T16:27:18Z","dateModified":"2019-10-25T16:28:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Smashes Above $8,000 In Massive Short Squeeze\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-smashes-above-8000-in-massive-short-squeeze\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-smashes-above-8000-in-massive-short-squeeze\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/bitcoin-price-8000-shutterstock_1262008330.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/bitcoin-price-8000-shutterstock_1262008330.jpg?fit=6000%2C4002\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"crypto\",\"reversal\",\"short squeeze\"],\"dateCreated\":\"2019-10-25T16:27:18Z\",\"datePublished\":\"2019-10-25T16:27:18Z\",\"dateModified\":\"2019-10-25T16:28:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2019\/10\/bitcoin-price-8000-shutterstock_1262008330.jpg?fit=6000%2C4002","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/402360"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=402360"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/402360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/402364"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=402360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=402360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=402360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}