{"id":464375,"date":"2021-05-24T15:50:15","date_gmt":"2021-05-24T15:50:15","guid":{"rendered":"https:\/\/wncen.com\/?p=464375"},"modified":"2024-06-11T13:55:56","modified_gmt":"2024-06-11T13:55:56","slug":"building-case-bitcoin-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/building-case-bitcoin-bottom\/","title":{"rendered":"Building The Case That The Bitcoin Bottom Is In"},"content":{"rendered":"

Bitcoin price is back at $37,000<\/a>, recovering from a frightening plunge to as low as $30,000. The selloff struck fear into the market unlike never before, making buying the dip a scary risk to take.<\/p>\n

However, there’s several signs that the bottom could be in, all while sentiment has turned fully bearish and the market expects far deeper lows. Could that in and of itself be a sign the bottom is in?<\/p>\n

Recapping The Recent Crypto Market Correction<\/h2>\n

The recent peak in Bitcoin price<\/a> was a “top” that very few saw coming even though from a technical standpoint, it was obvious. BTC was moving off exchanges and fundamentals supported much higher prices, but after such a strong run up, the top trending cryptocurrency was bound to correct.<\/p>\n

And correct it did \u2013 by a full 50% and then some. Historically it is one of the most severe bull market corrections. The severity of the Black Thursday move caused a polar opposite reaction to the upside.<\/p>\n

Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning<\/a><\/strong><\/em><\/p>\n

But could a similar severity in the recent collapse also be a catalyst for propelling prices much higher<\/a>, and not the beginning of a bear market as many would expect? For one, sentiment is ripe for a reversal.<\/p>\n

Stacking Up The Signs That The Bottom Is In For Bitcoin<\/h2>\n

The crypto market fear and greed index is at one of the most frightened readings yet, after spending nearly a full year in greed mode. Contrarian investors<\/a> all recommend buying the blood in the streets and being greedy when others are fearful. Being fearful while others were greedy, clearly has paid off for anyone who took out a short position at the top<\/a> \u2013 as rare as that may have been.<\/p>\n

But there’s a lot more signs out there than that.<\/p>\n

\"bitcoin<\/p>\n

BTC bounced right on rising RSI support | BTCUSD on TradingView.com<\/a><\/pre>\n
Perhaps the biggest technical factor suggesting that Bitcoin has bottomed, is the fact that three-day Relative Strength Index<\/a> has bounced off an ascending trendline that’s supported all of the past bottoms in crypto.<\/p>\n
There’s a bounce in December 2018 and again on Black Thursday \u2013 and once again now. A similar story can be seen in the chart above which also includes a look at how the 2017 bull market held a similar rising support structure.<\/p>\n
Related Reading | Broken Parabola: Mapping Out The Bitcoin Bull Market And More<\/a><\/strong><\/em><\/p>\n
A bottom here, suggests one more impulse in Bitcoin<\/a> before the bull market has ended. That means that the pain from the recent shakeout isn’t yet over, as sellers could be forced to FOMO back in a much higher prices, helping to drive the fury of the final impulse.<\/p>\n
Interestingly, the crash landed right where the parabolic curve<\/a> for the greater bull trend would support another base to rise higher, adding more credence to the bottom being in.<\/p>\n
\"bitcoin<\/p>\n
A long-term bull trend is still holding | BTCUSD on TradingView.com<\/a><\/pre>\n
Also on the three-day, Bitcoin price is holding in the Ichimoku cloud<\/a> after piercing below it. At support there’s a bullish hammer candle forming. If bulls can follow through here and push the leading cryptocurrency by market cap out of the cloud, the bull market will remain unbroken and new highs will be in the forecast.<\/p>\n
Remember, technicals said a top was in and no one saw it coming. Currently, things are some what mixed but the case for the bottom builds by the day.<\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is back at $37,000, recovering from a frightening plunge to as low as $30,000. The selloff struck fear into the market unlike never before, making buying the dip a scary risk to take. However, there’s several signs that the bottom could be in, all while sentiment has turned fully bearish and the market expects far deeper lows. Could that in and of itself be a sign the bottom is in? Recapping The Recent Crypto Market Correction The recent peak in Bitcoin price was a “top” that very few saw coming even though from a technical standpoint, it was obvious. BTC was moving off exchanges and fundamentals supported much higher prices, but after such a strong run up, the top trending cryptocurrency was bound to correct. And correct it did \u2013 by a full 50% and then some. Historically it is one of the most severe bull market corrections. The severity of the Black Thursday move caused a polar opposite reaction to the upside. Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning But could a similar severity in the recent collapse also be a catalyst for propelling prices much higher, and not the beginning of a bear market as many would expect? For one, sentiment is ripe for a reversal. Stacking Up The Signs That The Bottom Is In For Bitcoin The crypto market fear and greed index is at one of the most frightened readings yet, after spending nearly a full year in greed mode. Contrarian investors all recommend buying the blood in the streets and being greedy when others are fearful. Being fearful while others were greedy, clearly has paid off for anyone who took out a short position at the top \u2013 as rare as that may have been. But there’s a lot more signs out there than that. BTC bounced right on rising RSI support | BTCUSD on TradingView.com Perhaps the biggest technical factor suggesting that Bitcoin has bottomed, is the fact that three-day Relative Strength Index has bounced off an ascending trendline that’s supported all of the past bottoms in crypto. There’s a bounce in December 2018 and again on Black Thursday \u2013 and once again now. A similar story can be seen in the chart above which also includes a look at how the 2017 bull market held a similar rising support structure. Related Reading | Broken Parabola: Mapping Out The Bitcoin Bull Market And More A bottom here, suggests one more impulse in Bitcoin before the bull market has ended. That means that the pain from the recent shakeout isn’t yet over, as sellers could be forced to FOMO back in a much higher prices, helping to drive the fury of the final impulse. Interestingly, the crash landed right where the parabolic curve for the greater bull trend would support another base to rise higher, adding more credence to the bottom being in. A long-term bull trend is still holding | BTCUSD on TradingView.com Also on the three-day, Bitcoin price is holding in the Ichimoku cloud after piercing below it. At support there’s a bullish hammer candle forming. If bulls can follow through here and push the leading cryptocurrency by market cap out of the cloud, the bull market will remain unbroken and new highs will be in the forecast. Remember, technicals said a top was in and no one saw it coming. Currently, things are some what mixed but the case for the bottom builds by the day. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":464379,"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":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-464375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBuilding The Case That The Bitcoin Bottom Is In<\/title>\n<meta name=\"description\" content=\"Bitcoin price is back at $37,000, recovering from a frightening plunge to as low as $30,000. 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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. 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":"Building The Case That The Bitcoin Bottom Is In","url":"http:\/\/wncen.com\/news\/building-case-bitcoin-bottom\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/building-case-bitcoin-bottom\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/bitcoin-btc-bottom-iStock-1312336761.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/bitcoin-btc-bottom-iStock-1312336761.jpeg?fit=1258%2C833"},"articleSection":"Cryptocurrency Market News","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","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-05-24T15:50:15Z","datePublished":"2021-05-24T15:50:15Z","dateModified":"2024-06-11T13:55:56Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Building The Case That The Bitcoin Bottom Is In\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/building-case-bitcoin-bottom\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/building-case-bitcoin-bottom\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/bitcoin-btc-bottom-iStock-1312336761.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/bitcoin-btc-bottom-iStock-1312336761.jpeg?fit=1258%2C833\"},\"articleSection\":\"Cryptocurrency Market News\",\"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\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-05-24T15:50:15Z\",\"datePublished\":\"2021-05-24T15:50:15Z\",\"dateModified\":\"2024-06-11T13:55:56Z\"}<\/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\/2021\/05\/bitcoin-btc-bottom-iStock-1312336761.jpeg?fit=1258%2C833","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464375"}],"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=464375"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/464375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464379"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=464375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=464375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=464375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}