íàçâàíèå

Bitcoin (BTC) Still Under Key Trend Line, Bull Run Isn’t Inbound Just Yet

Bitcoin (BTC) Still Under Key Trend Line, Bull Run Isn’t Inbound Just Yet

Bitcoin Bears Still In Control

Per a chart from industry analyst Jacob Canfield recently posted on Trading View, Bitcoin (BTC) bears are still in control of the market, in spite of the fact that cryptocurrencies are seeing strong fundamentals and technicals simultaneously.

As Canfield depicts in the chart below, Bitcoin has seen a “hidden trend line” develop since late-2015, which supported BTC during four drawdowns in the 2016 to 2017 run-up. However, during this bear market, that former key support level has turned into heavy resistance. Earlier this year, BTC tried to pass $4,400, but was rejected off that trendline, and last week, BTC tried its hand at pushing past $5,500. This move, as you know, failed miserably, with the asset seeing an immediate 10% pullback to $4,950 as a result of the rejection.

Thus, the analyst remarked that for Bitcoin to enter into its next bull run, investors will need to reclaim the trend line by convincingly surpassing $5,700 in the coming days and weeks. So in other words, until BTC breaks the trendline, which will head higher and higher with time, bears still have their hands on the cryptocurrency driving wheel.

Canfield isn’t the only one who thinks that Bitcoin isn’t home free just yet.

Cold Blooded Shiller, a cryptocurrency analyst, recently drew attention to the one-week Guppy, a collection of moving averages that aims to predict trends, resistances, and supports, for Bitcoin. And it wasnt exactly all too pretty. While BTCs 25% rally from $4,150 to $5,450 over the past two weeks allowed the asset to break out of the green band of the Guppy, the top (key resistance/trend reversal level) of the red band was rejected.

In fact, the wick to $5,450, in the eyes of Cold Blooded anyway, was a beautiful bearish retest in that it cements that BTC isnt out of choppy waters just yet. Considering that the red band of the one-week Guppy acted as key support for Bitcoin in 2017s rally, if BTC fails to break and hold past the red band, it may be that much harder to call for a bull run.

Isn’t Crypto In A Bull Run Though?

These analyses come as Tom Lee, the head of research at Fundstrat, has proclaimed that the ongoing Bitcoin bear market has recently come to a close. As reported by Ethereum World News on a previous date, the long-standing bull remarked that BTC’s recent rally past $5,000 was based on true buying, making it not an act of manipulation as some postulated. This is likely in reference to a Reuters report, which claimed that a single group or entity managed to purchase $100 million worth of Bitcoin across three exchanges, creating a short-term influx of FOMO that pushed BTC higher.

Furthering the bullish narrative, Lee looks to the 200-day moving average, which has acted as an overarching level of resistance for BTC since early-2018. The Fundstrat co-founder explains that while many proclaimed cryptocurrencies dead as a result of their -85% performance from top to bottom, BTC closing and holding above the aforementioned level confirms that it is back in a bull trend.


Photo by ??? NG on Unsplash

The post Bitcoin (BTC) Still Under Key Trend Line, Bull Run Isn’t Inbound Just Yet appeared first on Ethereum World News.

20.04.2019 / 19:30 46
Bitcoin Bears Are “F**ked” If Trend Pans Out, Claims Crypto Analyst Bitcoin Bears Are “F**ked” If Trend
According To Pattern, Bitcoin Might Have Bottomed Take a look at the two images below. On the right is an excerpt from the “Encyclopedia of Chart
Nasty Pullback Inbound? Analyst Warns That Bitcoin (BTC) Isn’t Bullish Yet Nasty Pullback Inbound? Analyst Warns
Bitcoin MACD Looks To Cross Bearish, Sell-Off Possible Over the past 48 hours, Bitcoin has trended higher, posting a 2% gain in the past 24 hours
Bears Should Be Sweating? Bitcoin (BTC) Showing Bullish Signs Bears Should Be Sweating? Bitcoin (BTC)
Bears’ Time Is Up According To One Bitcoin Analyst On Friday, Bitcoin (BTC) traded flat, with the asset posting a mere 0.5% gain to reach $5,100. In
Prominent Analyst Identifies Bitcoin Buy and Accumulate Zones Prominent Analyst Identifies Bitcoin
Bitcoin price predictions have been coming thick and fast over the past couple of months as analysts and investors attempt to foresee when the bottom
CNBC as Reverse Indicator of Bitcoin Price ’95 Percent Accurate’ CNBC as Reverse Indicator of Bitcoin
Mainstream media network CNBC has become an unlikely Bitcoin hero this week after an analyst showed its bull and bear forecasts were, in fact, signs
Bitcoin Price Analysis: Bears Take the Bull by the Horns Bitcoin Price Analysis: Bears Take the
Bitcoins bullish reversal appears to be in peril as bearsunexpectedlyrocked up and grabbed the bull by the horns. Is today’s pullback caused by
Comments (0)
Add a comment
Comment on