{"id":502334,"date":"2022-09-14T20:15:08","date_gmt":"2022-09-14T20:15:08","guid":{"rendered":"https:\/\/wncen.com\/?p=502334"},"modified":"2024-06-11T14:26:10","modified_gmt":"2024-06-11T14:26:10","slug":"bitcoin-bear-market-btcusd-september-14-2022","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bear-market-btcusd-september-14-2022\/","title":{"rendered":"WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD September 14, 2022"},"content":{"rendered":"<p>In this episode of NewsBTC&#8217;s <a href=\"https:\/\/www.youtube.com\/watch?v=VXfyLKxyCCw&amp;list=PLcOfhdUALFaOXvxuoWoCWZoYXc7iq-brg\" target=\"_blank\" rel=\"noopener nofollow\">daily technical analysis videos<\/a>, <span style=\"font-weight: 400\">we examine two bear market corrective patterns in Bitcoin price according to <a href=\"https:\/\/bit.ly\/2Wm62le\" target=\"_blank\" rel=\"noopener nofollow\">Elliott Wave Theory<\/a>.<\/span><\/p>\n<p>Take a look at the video below:<\/p>\n<div class=\"related-reading-shortcode\">\n<h2>VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 14, 2022<\/h2>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">After yesterday\u2019s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails.\u00a0<\/span><span style=\"font-weight: 400\">In <a href=\"https:\/\/wncen.com\/news\/bitcoin\/watch-bitcoin-august-cpi-data\/\">yesterday\u2019s video<\/a>, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario.<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<div>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/watch-bitcoin-august-cpi-data\/\">WATCH: Bitcoin Brutalized After August CPI Data Release | BTCUSD September 13, 2022<\/a><\/div>\n<\/div>\n<h3>The Bullish Scenario For BTCUSD<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The bullish scenario has the current support level holding. In this case, the pattern would more than likely be a double-three correction, with a zig-zag correction during wave Y.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">During a complex correction in <a href=\"https:\/\/bit.ly\/2Wm62le\" rel=\"nofollow\">Elliott Wave<\/a>, other patterns like flats, triangles, and zig-zags can connect. When drawing such corrections, the larger correction is drawn using WXY, while each sub-correction is labeled with a more familiar ABC.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Adding potential credence to this type of correction, price will have found support at precisely the 0.764 Fibonacci level which is a common termination point for certain types of Elliott Wave corrections.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-502339 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/BTCUSD_2022-09-14_16-08-48.png?resize=860%2C489\" alt=\"BTCUSD_2022-09-14_16-08-48\" width=\"860\" height=\"489\"><\/p>\n<pre style=\"text-align: center\">Quite the dump the second CPI numbers were released | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h3>The Bearish Breakdown Version<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">In the bearish version, we will have what is more than likely an expanded flat pattern. An <a href=\"https:\/\/thepatternsite.com\/EWExpanded.html\" target=\"_blank\" rel=\"noopener nofollow\">expanded flat<\/a> is a larger ABC pattern, with a five-wave impulse down during wave C. This would give us one more level down to find support much lower.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">A deeper correction in Elliott Wave can alternatively terminate at the 0.854 Fibonacci.\u00a0<\/span><span style=\"font-weight: 400\">The level is also similar to the 1.414 Fibonacci extension taken from the length of the A wave. The ultimate target would be between $13,500 and $14,800 before a possible reversal. <\/span><\/p>\n<p style=\"font-weight: 400\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-502338 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/BTCUSD_2022-09-14_16-07-30.png?resize=860%2C489\" alt=\"BTCUSD_2022-09-14_16-07-30\" width=\"860\" height=\"489\"><\/p>\n<pre style=\"text-align: center\">The weekly buy signals are now at risk | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-btcusd-weekly-buy\/\">WATCH: Bitcoin Weekly Chart Fires Bottom Signals At Open | BTCUSD September 12, 2022<\/a><\/p>\n<h3>Why Bitcoin Could Have Another Bull Run Left<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">As long as <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-trims-gains-20k\/\">Bitcoin price<\/a> doesn\u2019t close a weekly candle below $11,500, according to an Elliott Wave motive wave setup, we should have one more wave up to go.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">In conclusion, Bitcoin price has a 50\/50 chance of correcting further, but a much higher probability of reversing to new highs once the current correction has ended regardless of its termination point. The long term view on Bitcoin remains bullish.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-502336 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/BTCUSD_2022-09-14_16-05-50.png?resize=860%2C514\" alt=\"BTCUSD_2022-09-14_16-05-50\" width=\"860\" height=\"514\"><\/p>\n<pre style=\"text-align: center\">Will BTC close above $40K to end the year? | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Learn crypto technical analysis yourself with the NewsBTC Trading Course. <a href=\"https:\/\/wncen.com\/trading-courses\/\">Click here<\/a> to access the free educational program.<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this episode of NewsBTC&#8217;s daily technical analysis videos, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave Theory. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 14, 2022 After yesterday\u2019s CPI report, Bitcoin is once again on the ropes. At this point, we need to consider the potential of another downside move if support fails.\u00a0In yesterday\u2019s video, it was mentioned we would be reviewing two potential corrective patterns according to Elliott Wave Theory to provide a bullish and bearish scenario. Related Reading: WATCH: Bitcoin Brutalized After August CPI Data Release | BTCUSD September 13, 2022 The Bullish Scenario For BTCUSD The bullish scenario has the current support level holding. In this case, the pattern would more than likely be a double-three correction, with a zig-zag correction during wave Y.\u00a0 During a complex correction in Elliott Wave, other patterns like flats, triangles, and zig-zags can connect. When drawing such corrections, the larger correction is drawn using WXY, while each sub-correction is labeled with a more familiar ABC. Adding potential credence to this type of correction, price will have found support at precisely the 0.764 Fibonacci level which is a common termination point for certain types of Elliott Wave corrections. Quite the dump the second CPI numbers were released | Source: BTCUSD on TradingView.com The Bearish Breakdown Version In the bearish version, we will have what is more than likely an expanded flat pattern. An expanded flat is a larger ABC pattern, with a five-wave impulse down during wave C. This would give us one more level down to find support much lower. A deeper correction in Elliott Wave can alternatively terminate at the 0.854 Fibonacci.\u00a0The level is also similar to the 1.414 Fibonacci extension taken from the length of the A wave. The ultimate target would be between $13,500 and $14,800 before a possible reversal. The weekly buy signals are now at risk | Source: BTCUSD on TradingView.com Related Reading: WATCH: Bitcoin Weekly Chart Fires Bottom Signals At Open | BTCUSD September 12, 2022 Why Bitcoin Could Have Another Bull Run Left As long as Bitcoin price doesn\u2019t close a weekly candle below $11,500, according to an Elliott Wave motive wave setup, we should have one more wave up to go.\u00a0 In conclusion, Bitcoin price has a 50\/50 chance of correcting further, but a much higher probability of reversing to new highs once the current correction has ended regardless of its termination point. The long term view on Bitcoin remains bullish. Will BTC close above $40K to end the year? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":502340,"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-502334","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":"\n<title>Bitcoin Bear Market Corrective Patterns Examined | September 14, 2022<\/title>\n<meta name=\"description\" content=\"In this episode of NewsBTC&#039;s daily technical analysis videos, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-bear-market-btcusd-september-14-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Bear Market Corrective Patterns Examined | September 14, 2022\" \/>\n<meta property=\"og:description\" content=\"In this episode of NewsBTC&#039;s daily technical analysis videos, we examine two bear market corrective patterns in Bitcoin price according to Elliott Wave\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-bear-market-btcusd-september-14-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-14T20:15:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:26:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/iStock-1371840452.jpg?fit=1395%2C751\" \/>\n\t<meta property=\"og:image:width\" content=\"1395\" \/>\n\t<meta property=\"og:image:height\" content=\"751\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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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. 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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. 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