{"id":437600,"date":"2020-09-08T01:00:20","date_gmt":"2020-09-08T01:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=437600"},"modified":"2024-06-11T14:16:04","modified_gmt":"2024-06-11T14:16:04","slug":"bitcoin-distribution-could-lead-to-another-arm-and-a-leg-down","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-distribution-could-lead-to-another-arm-and-a-leg-down\/","title":{"rendered":"Bitcoin \u201cDistribution\u201d Could Lead To Another Arm And A Leg Down"},"content":{"rendered":"

Bitcoin price recently collapsed<\/a> from $12,400 to under $10,000 after the cryptocurrency presented a near-perfect distribution pattern.<\/p>\n

If the pattern continues, the market could form a massive head and shoulders top, with a price target of significantly lower.<\/p>\n

Distribution Pattern Costs Crypto Investors An Arm And A Leg<\/h2>\n

Bitcoin price over the last several weeks had formed what by comparison appeared to be a clear distribution pattern<\/a>. After the $2,000 plunge last week, that pattern may have been confirmed, now that the first-ever cryptocurrency is trading at around $10,000.<\/p>\n

Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run<\/a><\/strong><\/em><\/p>\n

Rather than embarking on this massive bull run, crypto investors are licking their wounds after a surprise move that was telegraphed in advance by the ominous Wyckoff distribution pattern<\/a>.<\/p>\n

On higher timeframes using Renko charts, however, the pattern still has another phase to go, before mark down begins.<\/p>\n

\"bitcoin<\/p>\n

BTCUSD Renko Distribution Head and Shoulders Chart\u00a0| Source: TradingView<\/a><\/pre>\n
Bitcoin Head and Shoulders Points To Another Leg Down<\/h2>\n
According to the chart above<\/a>, if the current level fails to hold, and the cryptocurrency falls to $8,500 \u2013 it will be at risk of forming a head and shoulders pattern.<\/p>\n
Head and shoulders<\/a> chart patterns are typically reversal patterns found at the top of a trend where the trend change took place.<\/p>\n
A head and shoulders shows a tug of war taking place between buyers and sellers, with the head acting as the climax of buying where sellers finally begin to take back control.<\/p>\n
When the “neckline” support breaks, a deeper selloff takes place from a cascade of stop losses being hit, and because buying is so exhausted from the push and pull of the market.<\/p>\n
Related Reading | Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead<\/a><\/strong><\/em><\/p>\n
Assets often fall quickly after this, then bounce, forming a “throwback.” This throwback confirms previous support as resistance, and then a further drop towards the final target takes place.<\/p>\n
A break below $8,500 from a $12,400 peak, would take the cryptocurrency back towards somewhere around $4,000 to $5,000.<\/p>\n
Any fall of that magnitude could be dangerous for Bitcoin, as the asset’s 200-week moving average is trading around $6,600 at the time of this writing. This level has acted as the bottom in the past and could do so again.<\/p>\n
Just about any of these downside targets are shocking for Bitcoin, given the theories that surround the asset’s halving and the stock-to-flow model. The further it takes the crypto asset to start a new bull market, the more likely it is that cycles are lengthening<\/a>, and the halving isn’t as significant as previously thought.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price recently collapsed from $12,400 to under $10,000 after the cryptocurrency presented a near-perfect distribution pattern. If the pattern continues, the market could form a massive head and shoulders top, with a price target of significantly lower. Distribution Pattern Costs Crypto Investors An Arm And A Leg Bitcoin price over the last several weeks had formed what by comparison appeared to be a clear distribution pattern. After the $2,000 plunge last week, that pattern may have been confirmed, now that the first-ever cryptocurrency is trading at around $10,000. Related Reading | Bitcoin Collapse Retests Key Weekly Level Never Lost During Last Bull Run Rather than embarking on this massive bull run, crypto investors are licking their wounds after a surprise move that was telegraphed in advance by the ominous Wyckoff distribution pattern. On higher timeframes using Renko charts, however, the pattern still has another phase to go, before mark down begins. BTCUSD Renko Distribution Head and Shoulders Chart\u00a0| Source: TradingView Bitcoin Head and Shoulders Points To Another Leg Down According to the chart above, if the current level fails to hold, and the cryptocurrency falls to $8,500 \u2013 it will be at risk of forming a head and shoulders pattern. Head and shoulders chart patterns are typically reversal patterns found at the top of a trend where the trend change took place. A head and shoulders shows a tug of war taking place between buyers and sellers, with the head acting as the climax of buying where sellers finally begin to take back control. When the “neckline” support breaks, a deeper selloff takes place from a cascade of stop losses being hit, and because buying is so exhausted from the push and pull of the market. Related Reading | Even Bitcoin Fundamentals Are Hinting At a Significant Correction Ahead Assets often fall quickly after this, then bounce, forming a “throwback.” This throwback confirms previous support as resistance, and then a further drop towards the final target takes place. A break below $8,500 from a $12,400 peak, would take the cryptocurrency back towards somewhere around $4,000 to $5,000. Any fall of that magnitude could be dangerous for Bitcoin, as the asset’s 200-week moving average is trading around $6,600 at the time of this writing. This level has acted as the bottom in the past and could do so again. Just about any of these downside targets are shocking for Bitcoin, given the theories that surround the asset’s halving and the stock-to-flow model. The further it takes the crypto asset to start a new bull market, the more likely it is that cycles are lengthening, and the halving isn’t as significant as previously thought.<\/p>\n","protected":false},"author":517,"featured_media":437608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-437600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin \u201cDistribution\u201d Could Lead To Another Arm And A Leg Down<\/title>\n<meta name=\"description\" content=\"Bitcoin price recently collapsed from $12,400 to under $10,000 after the cryptocurrency presented a near-perfect distribution pattern. 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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:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin \u201cDistribution\u201d Could Lead To Another Arm And A Leg Down","url":"http:\/\/wncen.com\/news\/bitcoin-distribution-could-lead-to-another-arm-and-a-leg-down\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-distribution-could-lead-to-another-arm-and-a-leg-down\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-rain-money-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/bitcoin-rain-money-scaled.jpg?fit=2560%2C1842"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2020-09-08T01:00:20Z","datePublished":"2020-09-08T01:00:20Z","dateModified":"2024-06-11T14:16:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin \\u201cDistribution\\u201d Could Lead To Another Arm And A Leg Down\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-distribution-could-lead-to-another-arm-and-a-leg-down\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-distribution-could-lead-to-another-arm-and-a-leg-down\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/bitcoin-rain-money-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/bitcoin-rain-money-scaled.jpg?fit=2560%2C1842\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2020-09-08T01:00:20Z\",\"datePublished\":\"2020-09-08T01:00:20Z\",\"dateModified\":\"2024-06-11T14:16:04Z\"}<\/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\/2020\/09\/bitcoin-rain-money-scaled.jpg?fit=2560%2C1842","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/437600","targetHints":{"allow":["GET"]}}],"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=437600"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/437600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/437608"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=437600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=437600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=437600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}