The cryptocurrency community is currently exploding with exuberance, as Bitcoin may have broken out from its recent downtrend into a full-blown reversal, and the rest of the crypto space has seen altcoins going on hundred percent rallies reviving talk of a bull run once again.
However, there are a number of similarities between the current rally in Bitcoin markets compared to the July 2018 rally, which could suggest that $6,400 wasn’t Bitcoin’s bottom, and a deeper breakdown will arrive the weeks ahead. Here’s the case as to why $6,400 wasn’t the bottom.
$6,400 May Not Have Been Bitcoin’s Bottom, If Fractal Confirms And History Repeats
Top analysts within the cryptocurrency industry, see many similarities between the current price action within Bitcoin’s recent rally from lows around $6,400, and a rally that took place back in July 2018.
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The similarities between the two are uncanny and could act as a plausible case for why Bitcoin hasn’t bottomed, indicating that $6,400 was just a false bottom designed to give traders hope – hope that ultimately gets shattered, causing capitulation before the real bottom is put in. The flip-flopping in sentiment would be the psychological beating necessary to cause even the strongest hands to fold when the “bottom” eventually breaks.
More detailed thread on why I still believe $6400 was a false bottom.https://t.co/VL42uLwH0c
— James (@sometrader78) January 16, 2020
As one expert crypto analyst points out, both the July 2018 rally and current rally were the result of an inverse head and shoulders formation confirming.
On larger timeframes, the monthly MACD is crossing over currently as did back in July 2018. The Relative Strength Index on the weekly and three-day timeframes are reaching similar areas on the gauge as it did back in July 2018 also. In both instances, there was a break of the 21-week EMA that didn’t end up holding.
Interestingly, the timeframe from the most previous rally top to the active rally top was roughly the same distance from April 2018’s top to July 2018’s top – roughly 80 days. And the time distance from the initial parabolic rally top to the current rally during both cycles was roughly 200 or so days.
Related Reading | Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap
There’s also a bearish divergence on the RSI on daily timeframes, dating back as far as the prior two peaks – just like the last time around.
While it is only possible to say that a bottom is in in hindsight, it’s understandable as to why many analysts believe the bottom is in. Bitcoin did confirm a common bottoming pattern, and broke through downtrend resistance, however, given all of the above similarities, it’s wise to approach any future price action with caution, as the bottom may not be in, and Bitcoin could break down to set new lows. The post appeared first on NewsBTC. origin »
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While Bitcoin’s recent downtrend saw the leading crypto asset by market cap’s value slashed in half from the local peak of $14,000, those that traded Bitcoin’s recent downtrend buying one specific trendline and selling another each time the asset made a touch would have resulted in a massive increase in BTC held, and overall USD... The post appeared first on NewsBTC.
Ripple price extended losses below the 0. 0000670 support against bitcoin. XRP is currently in a strong downtrend and it may even test the next key support at 0. 0000600BTC in the near term. Key Talking Points.
The short and medium-term outlook is in the downtrend. Traders may consider selling at key areas after bearish candlesticks formation. BSV/USD Medium-term Trend: Bearish Supply zones: $90, $100, $120 Demand zones: $50, $40, $30 BSVUSD is in a bearish trend in its medium-term outlook.
Coinspeaker Bitcoin Price Analysis: BTC/USD is Targeting $4,742 Price LevelShould the Bears increase their momentum and break down the support level of $4,988, then Bitcoin price will continue downtrend movement towards $4,742 level.
The short and medium-term outlook is in the downtrend. Responsible selling may be considered. BSV/USD Medium-term Trend: Bearish Supply zones: $90, $100, $120 Demand zones: $50, $40, $30 BSVUSD is in a bearish trend in its medium-term outlook.
Bitcoin is yet again making its way upwards as it breaches $5k yet again. The market is still green as the total market cap records at $176 billion. At the time of writing, BTC has been trading at $5,040 with 24-hrs gains of 0.
Ripple price remained in a strong downtrend below the 0. 0000780BTC support against bitcoin. XRP gained traction above $0. 3500 versus the USD, but it declined heavily against BTC. Key Talking Points Ripple price declined further below.
All eyes are on Bitcoin as it brushes up against powerful downtrend resistance, while straddling the top of the current trading range the cryptocurrency has been locked in throughout all of 2019. While a number of crypto analysts and traders are anticipating a rally, a massive sell order has appeared that is currently keeping prices.
Bitcoin (BTC) is currently trying to leave the bear market in which it has been traded during the last year. Since December 2017, Bitcoin is being traded in a downtrend. Nonetheless, there are some experts that believe that the bearish period could be ending.
The medium and short-term outlook is in a downtrend. Responsible selling may be considered. BCH/USD Medium-term Trend: Bearish Supply zones: $180, $200, $220 Demand zones: $50, $40, $30 BCHUSD continues in bearish trend in its medium-term outlook.
The medium and short-term is in downtrend. Responsible selling may be considered. BCH/USD Medium-term Trend: Bearish Supply zones: $180, $200, $220 Demand zones: $50, $40, $30 BCHUSD continues in bearish trend in its medium-term outlook.
Bitcoin Facing Downtrend, Watch $4,200 Per prominent analyst Crypto Rand, Bitcoin (BTC) is entering “do or die” time. In a recent post, Rand drew attention to a “yearly downtrend channel resistance,” which began in April.
As Bitcoin continues the search to find the “bottom” of its current bear market correction, there’s no denying just how important the coming days are for the first ever crypto. One crypto analyst believes that the next two weeks are the “most important” for BTC, as price approaches yearly downtrend resistance that has proven to.
Crypto Breaks 1Yr+ Downtrend Over recent weeks, the crypto market has embarked on a stellar rally. While some have described the price action as a “bull trap” or something of a similar nature, some evidence.
The entire cryptocurrency industry is buzzing now that Bitcoin may have bottomed and a number of altcoins have started to break through downtrend resistance and cause a spike in price. The sudden, powerful rallies in the altcoin market have led many crypto traders and analysts alike to suggest an “alt season” is upon us.
It was not so long ago that Tron was outperforming all other top cryptocurrencies during its price increases from mid-December to mid-January. The tables have now turned for Tron, and it stands as the worst performer over the past 30 days.
In the cryptocurrency world, very few projects are successful over the course of multiple years. While Bitcoin, Ethereum, and XRP are clearly setting the bar for everyone else, it is also quite evident Dogecoin is here to stay.
The bitcoin price posted its first monthly gain in February after a dismal seven-month drought. However, technical analysis suggests the original cryptocurrency could crater to new lows because a downtrend appears to be forming.
Top-Down Crypto Looks Bullish While Bitcoin’s recent price action signals almost anything but a bull rally, some analysts have begun to argue that technical indicators are starting to turn in the favor of cryptocurrencies.
The medium-term outlook continues ranging while the short-term is in a downtrend. Traders may consider selling at key area with bearish reversal candle as confirmation for entries. BSV/USD Medium-term Trend: Ranging Supply zones: $150, $200, $250 Demand zones: $50, $40, $30 BSVUSD continues in a range-bound market in its medium-term outlook. The bullish pressure […]
Over the last couple of weeks, bullish sentiment has begun to return to the crypto market after months of ongoing downtrend. However, one prominent crypto analyst isn’t convinced by the rally, and instead expects Bitcoin (BTC) to reach new lows sending the asset into multi-year bear market.
The crypto winter that started toward the end of last year doesn’t appear to be showing signs of slowing down. Digital assets like bitcoin lost more than 80 percent of their value while the overall crypto market cap shrunk from over $600 billion in January 2018 to less than $138 billion in December 2018.
Doge has finally broken above a long-term downtrend which it has been trading in since mid-December. However, the price is struggling to break above a former support level at $0. 002. Price briefly traded above $0.
XRP has been underperforming other top cryptocurrencies. An underperformance during a bullish surge which took place last week resulted in Ethereum once again surpassing XRP in terms of market cap and taking the position of the largest altcoin by market cap.
Bitcoin finally broke out of its downtrend as it surged above the descending trend line to signal that a reversal is due. However, price is turning at the $3,800 resistance so a correction to the broken trend line might take place first.
Bitcoin recently broke below a short-term rising trend line to indicate that a downtrend is due. Price bounced off the $3,400 mark and might be heading for a pullback to the nearby Fibonacci retracement levels.
Most top cryptocurrencies are trading above their 2019 lows, but Doge has gone on to form a new 2019 low in today’s trading. Doge initially formed a low for 2019 after breaking below support at $0.
Bitcoin BTC/USD Price Analysis From yesterday's low at $3464 which was near the open, the price of Bitcoin has by 1.1% as its currently being traded at $3494. The price did go further up as it came to $3561 which was on today's open but since the level was reached another minor downtrend has started. […]
By many accounts Bitcoin is not out of the woods and has a lot further to fall before any glimmer of a recovery or trend reversal is to be seen. A number of indicators have been used to get as accurate a price prediction as possible but the overall trend line is usually the most.
After weeks of consolidation, bitcoin finally broke through support. The market now finds itself cruising toward prior lows. On expanding volume and spread, the bitcoin market appears ripe for a continuation of the downtrend:Figure 1: BTC-USD, Daily Candles, Broken SupportAlthough the current daily candle has yet to close, unless there is a strong influx of demand hitting the market, it stands to reason that bitcoin will be closing a new daily low for the first time since mid-December.
The market downturn that has prevailed since early 2018 is now within weeks of becoming the longest winter in the history of the cryptocurrency markets. Despite being on course to become the longest downtrend in BTC’s annals, the current market has produced the weakest drawdown of the three major bear trends experienced by BTC so […]
The post Current Crypto Bear Market Set to Become the Longest Ever appeared first on Bitcoin News.
At press time the bears have the upper hand in the cryptocurrency market. With red lights indicating price decline for almost all the top 100 cryptocurrencies, traders will find it difficult to make trading choices while weighing in on whether or not the market will continue in a downtrend or modify itself on the long […]
The post Crypto Market Watch: Bitcoin Plunges Further, Altcoins Dwindle in Losses appeared first on ZyCrypto.
CoinGecko published on January 15th its 2018 yearly crypto report. The 83 pages document provided valuable insights covering the downtrend that spanned around the last year, and its implications on the market.
Finally, after about a week or so of a tight, range-bound market, bitcoin poked right through support. This swift move dropped the price nearly 10% in the span of just a few short hours:Figure 1: BTC-USD, Hourly Candles, 11% DropNot only did this move occur on high spread, it occured on high volume.
EOS had an extremely bearish 2018 which ended in a steep downtrend that resulted in price forming a 2018 low around $1. 65. EOS has been forming a far more bullish pattern to start in 2019. It is currently forming an ascending triangle pattern.
Crypto Market Experiences Green Week For Once Finally, after a multi-month downtrend, the crypto market at large breathed a sigh of relief over the past days. In one week, Bitcoin (BTC) has found legs to run on, moving from a year-to-date low at ~$3,150 to a multi-week high of ~$4,225 on the back of an […]
The post Bitcoin (BTC) Retests $4,000 In Slightly Green Crypto Market appeared first on Ethereum World News.
Meet Peter Brandt Peter Brandt is likely a name you have heard thrown around in the cryptosphere in recent years. Brandt, for those who are unaware, is a commodity markets trader with decades of experience and, a newfound(ish) Bitcoin (BTC).
CoinSpeaker
Bitcoin SV Price Analysis: BSV/USD Trends of December 19–25
In case the bears defend the resistance level of $92 the rice will bounce and Bitcoin SV will resume its downtrend and have its target at the previous low.
EOS followed a steep downtrend for the majority of November. Recent price action has resulted in EOS breaking from this downtrend and beginning to trade more bullishly. Since EOS broke from its downward trend, it entered a range of $1.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,200, $3,100, $3,000 Yesterday, December 13, the price of Bitcoin was in a bearish trend. We had earlier suggested that if price broke the $3,400 price level, the price of Bitcoin would resume its downtrend. The $3,400 price level has been broken and the […]
Bitcoin Fails To Breakout, BTC Stumbles To $3,400 — Altcoins Follow Suit After days of unrest in the industry, and the perpetuation of a seemingly endless downtrend, the crypto market at large has failed to undergo a bullish breakout, with Bitcoin (BTC) continuing to falter at $3,400.
Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.
EOS has heavily depreciated since its mainnet launch on the 14th of June where it traded around $10. 50. The EOS token for the blockchain aimed at being a key competitor to Ethereum currently trades around $1.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,300, $3,200, $3,100 Yesterday, December 6, the price of Bitcoin was in a bearish trend. The crypto's price made a bullish movement twice but was resisted by the 12-day EMA.
Crypto Market Establishes YTD Low: Bitcoin At $3,650, Ethereum Hits Double-Digits In the past day, bears haven’t abated their rampage, continuing to incessantly place straws on the back of the crypto camel.
BTC/USD Medium-term Trend: Bearish Resistance Levels: $6,800, $6,900, $7,000 Support levels: $3,600, $3,500, $3,400 Yesterday, December 5, the price of Bitcoin was in a bearish trend. Yesterday, the digital currency was resisted by 12-day EMA and the crypto resumed its downtrend.
Bitcoin’s weekly chart shows promising signs of strength as the RSI continues to climb, hinting at the potential for further upside. However, the battle isn’t over yet. With price hovering near the critical $107,000 support, bulls must defend this level to prevent deeper downside pressure.
На этой неделе RED показал сильную волатильность — за семь дней токен вырос на 25%, но за последние три дня откатился на 20%. Такое противоречивое движение отражает текущую неопределённость на рынке.
Все, от дегенов до крупных инвесторов, охвачены паникой. Индекс страха и жадности (Crypto Fear & Greed Index) стремительно падает до рекордного минимума за два года, сигнализируя о «крайнем страхе«.
The much-anticipated altcoin season, during which huge capital flows from Bitcoin toward alts continue to fail to manifest, as major tokens like Ethereum struggle to initiate a significant rally. With top altcoins facing a pullback, the possibility of an altseason remains low.
PEPE bulls are setting their sights on a breakout, but the $0. 00001313 resistance level stands as a major obstacle. After a promising recovery attempt and momentum building, buyers must prove their strength to push the price higher.
Биткоин пробил важнейший уровень сопротивления на отметке в $105 000 30 января, в то время как все альткоины все еще находятся в глубокой коррекции. Динамика цены BTC парирует негативные настроения, вызванные ФРС и DeepSeek Ориентируясь на данные TradingView, можно увидеть, что пара BTC/USD достигла отметки в $105 563 на бирже Bitstamp, перебив шестидневный максимум. Затмевая […]
Bitcoin stands at a critical crossroads, with its price hovering near the crucial $93,257 support level. This key price point has acted as a stronghold for the cryptocurrency during its recent ascent, but now, the market is facing mounting pressure.
