Bitcoin In Longest Uptrend of Current Bear Market, But Analysts Expect New Lows

Ever since Bitcoin fell to its most recent local bottom of $3,400 back on February 6, 2019, the leading cryptocurrency by market cap has been in the longest stretch of uptrend since reaching its all-time high of $20,000.

But as bullish momentum struggles with key resistance at $3,900, crypto analysts are calling for a break to new lows and trading zone before the bear market is truly over.

Analyst: Bitcoin in Longest Uptrend of Entire 2018-2019 Correction

Since Bitcoins parabolic advance was broken in December 2017, there have been numerous peaks and troughs in Bitcoins price charts, however, no other uptrend thought the 2018-2019 bear market has been as long as the one the market is currently in.

As was pointed out by crypto chartist and analyst Dave the Wave, who is known for watching longer-term indicators such as the weekly MACD, Bitcoin has been trending upward ever since the cryptocurrency bounced off the local low of $3,400 on February 6, 2019.

The current uptrend has lasted 33 days, where as four out of five uptrends during the 2018-2019 bear market didnt even last 30 days. Only one uptrend, if you can call it that, lasted over 30 days and that was the final 32-day-long uptrend that ended with a break of critical support at $6,000 that took us into the current trading range.

Related Reading | How Rising Bitcoin Holdings of May Push BTC Price Up Significantly

Its worth noting that Dave the Wave refuses to call Bitcoins price action over the last 14 months a bear market, and instead suggests that the first-ever cryptocurrency is only in a correction.

Dave the Waves previous analysis of the weekly MACD suggests that Bitcoin never fell below the indicators center point into bearish territory and has since started to point up. However, a contrarian stance might fear that the lack of crossing over could mean that the current correction could further deepen.

Does the Bear Market Have Another Leg Down? Heres What Itll Look Like

As for what a deeper decline might look like, crypto analyst Sir Bitlord has shared a chart that compares the final drop of the 2014-2015 Bitcoin bear market, helping to paint a picture of where the market might take us next.

During the 2014-2015 bear market, Bitcoin attempted to make a move up, but couldnt break overhead resistance, causing the crypto asset to fall further into its final trading range. If the same fractal plays out in the current bear market, the recent rejection at $4,200 may result in a steep selloff to $2,370, according to the analyst.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term

After Bitcoin reached its final trading range, it was stuck there for nearly nine months before another attempt at breaking up was finally successful, and bow was put on the previous bear market.

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The post Bitcoin In Longest Uptrend of Current Bear Market, But Analysts Expect New Lows appeared first on NewsBTC.

11.03.2019 / 13:20 54
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