{"id":450906,"date":"2020-11-27T01:00:39","date_gmt":"2020-11-27T01:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=450906"},"modified":"2024-06-11T14:08:47","modified_gmt":"2024-06-11T14:08:47","slug":"bitcoin-indicator-reaches-historical-extreme-price-sheds-two-thirds-upon-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-indicator-reaches-historical-extreme-price-sheds-two-thirds-upon-reversal\/","title":{"rendered":"Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal"},"content":{"rendered":"

Bitcoin price <\/a>this week reached a high of $19,500, following a six-week, 60% rally. From the moment the first-ever cryptocurrency made it above $12,000, on 3-day timeframes, there were twelve consecutive green candle closes without any red.<\/p>\n

The extreme bullish impulse caused one specific technical indicator to reach the highest reading in history \u2013 reached only three times prior, all before 2014. Each time, an average correction shaving two-thirds off Bitcoin’s price took place after momentum finally turned downward. Will a historic selloff follow this previously unstoppable rally?<\/p>\n

Bitcoin Price Corrects Hard Following Failed Retest Of All-Time High, But More To Come<\/h2>\n

The price per BTC nearly doubled since the start of September, setting off an explosive FOMO-driven rally<\/a> that has only just come to an end.<\/p>\n

The cryptocurrency went parabolic after breaking back above $12,000 and news that PayPal would be supporting cryptocurrencies. But failure to break its all-time high<\/a> sent Bitcoin falling back down hard to refuel.<\/p>\n

Related Reading | Bitcoin Rally Isn\u2019t Just Institutional Driven, Emerging Markets Are Voting For Revolution<\/a><\/strong><\/em><\/p>\n

The run up caused the Fisher Transform technical indicator<\/a> to reach one of four of the highest readings in the cryptocurrency’s just over decade long history.<\/p>\n

Interestingly, the extreme deviation of 7.5 or more hasn’t taken place since prior to 2014, back when few even knew what a cryptocurrency was or had heard of Bitcoin. But looking back at these past examples could indicate that a very dangerous situation is brewing<\/a>.<\/p>\n

\"bitcoin<\/p>\n

The Fisher Transform has reached the highest reading in its history for the fourth time ever. | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fisher Transform: An Overcorrection Could Be Due For The First Ever Cryptocurrency<\/h2>\n
During the very first Bitcoin bull market ever<\/a>, the Fisher Transform indicator reached such an extreme reading three times. The first time the asset ran hot, resulted in a 48% pullback.<\/p>\n
The second caused a full 80% retracement, and the third ever started the first Bitcoin bear market between 2014 and 2015 after an initial 64% drop. Now, the signal is back, and by taking the average of the three corrections and extreme readings, an estimated two-thirds could come off the price per BTC.<\/p>\n
\"bitcoin<\/p>\n
Past corrections suggest that cryptocurrency is about to correct hard. | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin bull market corrections during the last cycle only reached between 37% and 38% on average<\/a>. During the first bull market, the average was closer to 64%.<\/p>\n
The two bull market correction ranges could provide potential targets for where any downside might reverse. The first of the two targets reside right where the bullish breakout took place at $12,000.<\/p>\n
The second, with a 64% retrace would take Bitcoin price back to $7,000 per BTC. As extreme as it sounds, the cryptocurrency is known to overextend in both directions<\/a>. After the gains of 2020, a sharp move could play out.<\/p>\n
\"bitcoin<\/p>\n
A full 64% correction is possible, or will it be the 37% average from last bull market? | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The midway point of the two targets is also a likely scenario, residing at around $9,200 and would fill one of the remaining CME gaps left behind on the Bitcoin futures chart<\/a>.<\/p>\n
Related Reading | Search Engine Marketing Data Reveals Highest Retail Interest In Bitcoin Ever<\/a><\/strong><\/em><\/p>\n
Whatever the eventual target, buying the dip successfully could be the most profitable play in Bitcoin history.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price this week reached a high of $19,500, following a six-week, 60% rally. From the moment the first-ever cryptocurrency made it above $12,000, on 3-day timeframes, there were twelve consecutive green candle closes without any red. The extreme bullish impulse caused one specific technical indicator to reach the highest reading in history \u2013 reached only three times prior, all before 2014. Each time, an average correction shaving two-thirds off Bitcoin’s price took place after momentum finally turned downward. Will a historic selloff follow this previously unstoppable rally? Bitcoin Price Corrects Hard Following Failed Retest Of All-Time High, But More To Come The price per BTC nearly doubled since the start of September, setting off an explosive FOMO-driven rally that has only just come to an end. The cryptocurrency went parabolic after breaking back above $12,000 and news that PayPal would be supporting cryptocurrencies. But failure to break its all-time high sent Bitcoin falling back down hard to refuel. Related Reading | Bitcoin Rally Isn\u2019t Just Institutional Driven, Emerging Markets Are Voting For Revolution The run up caused the Fisher Transform technical indicator to reach one of four of the highest readings in the cryptocurrency’s just over decade long history. Interestingly, the extreme deviation of 7.5 or more hasn’t taken place since prior to 2014, back when few even knew what a cryptocurrency was or had heard of Bitcoin. But looking back at these past examples could indicate that a very dangerous situation is brewing. The Fisher Transform has reached the highest reading in its history for the fourth time ever. | Source: BTCUSD on TradingView.com Fisher Transform: An Overcorrection Could Be Due For The First Ever Cryptocurrency During the very first Bitcoin bull market ever, the Fisher Transform indicator reached such an extreme reading three times. The first time the asset ran hot, resulted in a 48% pullback. The second caused a full 80% retracement, and the third ever started the first Bitcoin bear market between 2014 and 2015 after an initial 64% drop. Now, the signal is back, and by taking the average of the three corrections and extreme readings, an estimated two-thirds could come off the price per BTC. Past corrections suggest that cryptocurrency is about to correct hard. | Source: BTCUSD on TradingView.com Bitcoin bull market corrections during the last cycle only reached between 37% and 38% on average. During the first bull market, the average was closer to 64%. The two bull market correction ranges could provide potential targets for where any downside might reverse. The first of the two targets reside right where the bullish breakout took place at $12,000. The second, with a 64% retrace would take Bitcoin price back to $7,000 per BTC. As extreme as it sounds, the cryptocurrency is known to overextend in both directions. After the gains of 2020, a sharp move could play out. A full 64% correction is possible, or will it be the 37% average from last bull market? | Source: BTCUSD on TradingView.com The midway point of the two targets is also a likely scenario, residing at around $9,200 and would fill one of the remaining CME gaps left behind on the Bitcoin futures chart. Related Reading | Search Engine Marketing Data Reveals Highest Retail Interest In Bitcoin Ever Whatever the eventual target, buying the dip successfully could be the most profitable play in Bitcoin history. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":450912,"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":[428,1119,1144,78790,6664,66137,4078],"class_list":["post-450906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-fisher-transform","tag-technical-analysis"],"acf":[],"yoast_head":"\nBitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal<\/title>\n<meta name=\"description\" content=\"Bitcoin price this week reached a high of $19,500, following a six-week, 60% rally. 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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. 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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. 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