{"id":452317,"date":"2020-12-16T01:00:59","date_gmt":"2020-12-16T01:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=452317"},"modified":"2024-06-11T14:12:03","modified_gmt":"2024-06-11T14:12:03","slug":"bitcoin-consolidation-at-ath-expect-shake-outs-traps-more-before-next-leg","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-consolidation-at-ath-expect-shake-outs-traps-more-before-next-leg\/","title":{"rendered":"Bitcoin Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg"},"content":{"rendered":"

Bitcoin is trading right around its former all-time high<\/a>, and although a new record has been set, the crypto market has yet to see the fireworks that they had been expecting once here.<\/p>\n

Instead, a pseudonymous technical analyst says that what the market should be anticipating instead of a direct moonshot, is “consolidation” consisting of shake-outs, deviations, and traps of all kinds before the next leg up finally arrives.<\/p>\n

Analyst Explains What To Anticipate For Bitcoin Price Action Below ATH<\/h2>\n

Momentum is back in the crypto market, driven by a new world<\/a> and new Bitcoin narratives capturing first the curiosity, then capital of investors of all degrees of wealth.<\/p>\n

Belief in the cryptocurrency has been building, and a new wave of interest has propelled prices higher. Few would have guessed that just nine months after Black Thursday and a retest of $4,000 that Bitcoin would have already set a new all-time high<\/a>.<\/p>\n

Related Reading | Five Technical Reasons The Bitcoin Bull Trend Is Taking A Breather<\/a><\/strong><\/em><\/p>\n

The rally in 2020 left both bulls and bears in disbelief<\/a> even though anyone who understands the cryptocurrency’s potential should be aware of what it’s capable of.<\/p>\n

The market had anticipated Bitcoin smashing through its former record once it got here and not ever stopping, but instead, there have now been a couple of weeks of consolidation under resistance. And while that’s often a bullish sign that continuation will eventually follow, a breakout won’t arrive before a number of shakeouts, traps in either direction, and extreme deviations – according to one analyst<\/a>.<\/p>\n

\"bitcoin<\/p>\n

Although Bitcoin should \"consolidate\" below ATH, price action will get extremely volatile | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Hold On For Dear Life: Bull Traps, Shakeouts, And Bear Traps \u2013 Oh My!<\/h2>\n
As stated, anyone who knows a thing or two about Bitcoin is likely also aware of a few other key factors. For instance, crypto investors know that post-halving, demand begins to outweigh the scarce BTC supply<\/a>.<\/p>\n
They also know that when $20,000 is breached with enough force, the parabolic phase where all of the money will be made should begin. Finally, they’re aware of the incredible valuations<\/a> that the crypto asset is expected to reach from here.<\/p>\n
Related Reading | Max Pain: Why Bitcoin Could Trade Sideways Until April 2021<\/a><\/strong><\/em><\/p>\n
Given all the potential, value, and profit to be made, isn’t it naive to assume that there won’t be plenty of violent corrections, volatile shakeouts, bull traps, and bear traps around every turn for that tightly held BTC to change hands?<\/p>\n
The phrase “hold on for dear life,” or “HODL<\/a>” was coined as a way to help investors cope with the asset’s wild volatility and not risk being shaken out, losing their precious BTC along the way.<\/p>\n
Shakeouts are coming<\/a> regardless of how bullish Bitcoin is, it is up to you if you allow yourself to be shaken enough to sell.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is trading right around its former all-time high, and although a new record has been set, the crypto market has yet to see the fireworks that they had been expecting once here. Instead, a pseudonymous technical analyst says that what the market should be anticipating instead of a direct moonshot, is “consolidation” consisting of shake-outs, deviations, and traps of all kinds before the next leg up finally arrives. Analyst Explains What To Anticipate For Bitcoin Price Action Below ATH Momentum is back in the crypto market, driven by a new world and new Bitcoin narratives capturing first the curiosity, then capital of investors of all degrees of wealth. Belief in the cryptocurrency has been building, and a new wave of interest has propelled prices higher. Few would have guessed that just nine months after Black Thursday and a retest of $4,000 that Bitcoin would have already set a new all-time high. Related Reading | Five Technical Reasons The Bitcoin Bull Trend Is Taking A Breather The rally in 2020 left both bulls and bears in disbelief even though anyone who understands the cryptocurrency’s potential should be aware of what it’s capable of. The market had anticipated Bitcoin smashing through its former record once it got here and not ever stopping, but instead, there have now been a couple of weeks of consolidation under resistance. And while that’s often a bullish sign that continuation will eventually follow, a breakout won’t arrive before a number of shakeouts, traps in either direction, and extreme deviations – according to one analyst. Although Bitcoin should “consolidate” below ATH, price action will get extremely volatile | Source: BTCUSD on TradingView.com Hold On For Dear Life: Bull Traps, Shakeouts, And Bear Traps \u2013 Oh My! As stated, anyone who knows a thing or two about Bitcoin is likely also aware of a few other key factors. For instance, crypto investors know that post-halving, demand begins to outweigh the scarce BTC supply. They also know that when $20,000 is breached with enough force, the parabolic phase where all of the money will be made should begin. Finally, they’re aware of the incredible valuations that the crypto asset is expected to reach from here. Related Reading | Max Pain: Why Bitcoin Could Trade Sideways Until April 2021 Given all the potential, value, and profit to be made, isn’t it naive to assume that there won’t be plenty of violent corrections, volatile shakeouts, bull traps, and bear traps around every turn for that tightly held BTC to change hands? The phrase “hold on for dear life,” or “HODL” was coined as a way to help investors cope with the asset’s wild volatility and not risk being shaken out, losing their precious BTC along the way. Shakeouts are coming regardless of how bullish Bitcoin is, it is up to you if you allow yourself to be shaken enough to sell. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":452353,"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":[428,1119,1144,78790,6664],"class_list":["post-452317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading right around its former all-time high, and although a new record has been set, the crypto market has yet to see the fireworks that they\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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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 Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg","url":"http:\/\/wncen.com\/news\/bitcoin-consolidation-at-ath-expect-shake-outs-traps-more-before-next-leg\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-consolidation-at-ath-expect-shake-outs-traps-more-before-next-leg\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/bitcoin-ath-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/bitcoin-ath-scaled.jpg?fit=2560%2C1980"},"articleSection":"Cryptocurrency Market News","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"],"dateCreated":"2020-12-16T01:00:59Z","datePublished":"2020-12-16T01:00:59Z","dateModified":"2024-06-11T14:12:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidation-at-ath-expect-shake-outs-traps-more-before-next-leg\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidation-at-ath-expect-shake-outs-traps-more-before-next-leg\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/bitcoin-ath-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/bitcoin-ath-scaled.jpg?fit=2560%2C1980\"},\"articleSection\":\"Cryptocurrency Market News\",\"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\"],\"dateCreated\":\"2020-12-16T01:00:59Z\",\"datePublished\":\"2020-12-16T01:00:59Z\",\"dateModified\":\"2024-06-11T14:12:03Z\"}<\/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\/12\/bitcoin-ath-scaled.jpg?fit=2560%2C1980","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/452317","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=452317"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/452317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/452353"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=452317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=452317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=452317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}