{"id":449655,"date":"2020-11-13T02:00:11","date_gmt":"2020-11-13T02:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=449655"},"modified":"2024-06-11T14:08:19","modified_gmt":"2024-06-11T14:08:19","slug":"this-pattern-suggests-bitcoin-could-soon-see-a-1000-move-lower","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-pattern-suggests-bitcoin-could-soon-see-a-1000-move-lower\/","title":{"rendered":"This Pattern Suggests Bitcoin Could Soon See a $1,000+ Move Lower"},"content":{"rendered":"<p>Bitcoin has been showing immense signs of strength throughout the past few weeks, and its uptrend is showing no signs of slowing down as bulls work to flip $16,000 into a support level.<\/p>\n<p>This price level has long been strong resistance for the cryptocurrency, but it has been able to post what appears to be a firm and sustainable break above it.<\/p>\n<p>For this latest push higher to result in more than just some fleeting gains, it is imperative that this level becomes robust support and helps launch the token higher. A failure to do so could confirm its current price as local highs.<\/p>\n<p>Although <a href=\"https:\/\/wncen.com\/analysis\/btc\/the-number-of-active-bitcoin-addresses-is-rocketing-towards-all-time-highs\/\">Bitcoin<\/a> is overtly bullish at the moment, one trader is noting that he sees some striking similarities between this push higher and previous ones that resulted in a $1,000+ moves lower.<\/p>\n<p>He notes that it is still too early for this possibility to be fully confirmed, but any move beneath $16,000 would work to validate this possibility and potentially cause BTC to see an incredibly sharp retrace.<\/p>\n<p>Even if this decline does occur, it could prove to be short-lived, just like the last ones seen by the cryptocurrency.<\/p>\n<h2><strong>Bitcoin Shatters $16,000 as Buyers Take Control<\/strong><\/h2>\n<p>At the time of writing, Bitcoin is trading up just over 2% at its current price of $16,100. The crypto struggled to <a href=\"https:\/\/wncen.com\/news\/ethereum\/matic-takes-step-towards-solving-high-ethereum-gas-fees-by-integrating-tether\/\">break this price<\/a> level earlier today, but it is now trying to flip it into support.<\/p>\n<p>If this level is flipped into support and closed above on a higher time frame \u2013 like tonight\u2019s daily candle close \u2013 the crypto could be poised to see significantly further growth in the days and weeks ahead.<\/p>\n<p>Where Bitcoin trends next will likely depend largely on its eventual reaction to this level. Any further selling pressure here could cause it to see downside.<\/p>\n<h2><strong>Analyst: BTC Could Soon See a $1,000+ Decline<\/strong><\/h2>\n<p>While speaking about where <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-recovery-could-soon-385\/\">Bitcoin<\/a> could trend next, one analyst <a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/65395715\" rel=\"nofollow\">observed<\/a> that a pattern being formed by BTC is resemblant of those seen before previous $1,000+ declines.<\/p>\n<blockquote><p>\u201cAlways dangerous to look for the tops when BTC is in this mood but if this set up plays out again with a divergence I&#8217;ll take it. Last two instances in similar consolidation resulted in -$1500 and -$1000 moves. I&#8217;d need to short into the selling for confirmation.\u201d<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"aligncenter size-large wp-image-449658\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/11\/Emo7Q7cXYAA7-Hx.jpg?fit=860%2C860\" alt=\"Bitcoin\" loading=\"lazy\"><\/p>\n<pre>Image Courtesy of Cold Blooded Shiller. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">BTCUSD on TradingView.<\/a><\/pre>\n<p>If Bitcoin\u2019s daily candle closes below $1,000, there\u2019s a strong possibility that it could see another sharp retrace that shakes out late long positions.<\/p>\n<pre>Featured image from Unsplash.\r\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been showing immense signs of strength throughout the past few weeks, and its uptrend is showing no signs of slowing down as bulls work to flip $16,000 into a support level. This price level has long been strong resistance for the cryptocurrency, but it has been able to post what appears to be a firm and sustainable break above it. For this latest push higher to result in more than just some fleeting gains, it is imperative that this level becomes robust support and helps launch the token higher. A failure to do so could confirm its current price as local highs. Although Bitcoin is overtly bullish at the moment, one trader is noting that he sees some striking similarities between this push higher and previous ones that resulted in a $1,000+ moves lower. He notes that it is still too early for this possibility to be fully confirmed, but any move beneath $16,000 would work to validate this possibility and potentially cause BTC to see an incredibly sharp retrace. Even if this decline does occur, it could prove to be short-lived, just like the last ones seen by the cryptocurrency. Bitcoin Shatters $16,000 as Buyers Take Control At the time of writing, Bitcoin is trading up just over 2% at its current price of $16,100. The crypto struggled to break this price level earlier today, but it is now trying to flip it into support. If this level is flipped into support and closed above on a higher time frame \u2013 like tonight\u2019s daily candle close \u2013 the crypto could be poised to see significantly further growth in the days and weeks ahead. Where Bitcoin trends next will likely depend largely on its eventual reaction to this level. Any further selling pressure here could cause it to see downside. Analyst: BTC Could Soon See a $1,000+ Decline While speaking about where Bitcoin could trend next, one analyst observed that a pattern being formed by BTC is resemblant of those seen before previous $1,000+ declines. \u201cAlways dangerous to look for the tops when BTC is in this mood but if this set up plays out again with a divergence I&#8217;ll take it. Last two instances in similar consolidation resulted in -$1500 and -$1000 moves. I&#8217;d need to short into the selling for confirmation.\u201d Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView. If Bitcoin\u2019s daily candle closes below $1,000, there\u2019s a strong possibility that it could see another sharp retrace that shakes out late long positions. Featured image from Unsplash. Charts from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":447306,"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":[1144,78790,76835],"class_list":["post-449655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>This Pattern Suggests Bitcoin Could Soon See a $1,000+ Move Lower<\/title>\n<meta name=\"description\" content=\"one trader is noting that he is seeing some striking similarities between this push higher and past ones that led to $1,000+ moves lower.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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