Bull Trend May End of Bitcoin Price Falls Under $7,800: Indicator Shows
Over the past few days, Bitcoin (BTC) has finally started to settle in a fixed price range, finding itself trading in the low-$8,000s. For now, the cryptocurrency seems directionless, stuck between resistances and supports above and below.
However, it is important to note that Bitcoin is edging very near to a key historical level, one that may reveal if BTC is in a macro bull or bear trend.
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Bitcoin At Key Price Level
A Twitter user going by “Spookey Dyme” recently drew attention to a key trend: throughout Bitcoin’s last bull market, it consistently closed above the one-week SuperTrend indicator’s baseline without fail.
What’s worrying is that after last week’s drop, Bitcoin has begun to near the indicator, which is currently at approximately $7,800. A weekly close under this level, according to historical precedence, could mark an end to the bull market.
Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next?
Wednesday October 16, 2019
This morning, Bitcoin price briefly broke back below $8,000 and is currently teetering on the support line – which could possibly be the last stand for bulls in this range before new lows are...
The post Bitcoin Price Breaks Below $8,000, Is $7,000 or $9,000 Next? appeared first on 12bitplay - Bitcoin Play.
Traditionally in a bull market Bitcoin weekly stays above ATR. pic.twitter.com/LspRofngHe
— Sp00key Dyme (@CryptoParadyme) October 4, 2019
Ripple (XRP) Price Eyeing Upside Break While Bitcoin Is Recovering
Monday October 21, 2019
Ripple price is slowly moving higher towards the $0.2950 resistance area against the US dollar. The price is facing an uphill task near the $0.2950 and $0.2980 resistance levels. There is a major bearish...
The post Ripple (XRP) Price Eyeing Upside Break While Bitcoin Is Recovering appeared first on 12bitplay - Bitcoin Play.
The SuperTrend isn’t the only sign giving credence to the theory that the high-$7,000s will be of utmost importance for Bitcoin to remain above.
Around $7,700 sits a confluence of integral technical support levels. These include but aren’t limited to the 200-day moving average; the 365-day exponential moving average, a level that Bitcoin bounced straight off of during mid-2017; the 50-week exponential moving average, among other levels that many say are indicative of Bitcoin’s medium-term trends.
Bitcoin May Have Room to Run Before Downtrend Continues
Thursday October 17, 2019
After plummeting below $8,000 overnight, Bitcoin’s bulls were able to propel the crypto slightly higher, showing signs that bulls are not ready to let the cryptocurrency drop lower in the near-term, which could mean...
The post Bitcoin May Have Room to Run Before Downtrend Continues appeared first on 12bitplay - Bitcoin Play.
– Strong weekly support at 50EMA and 100MA– Closing below 7.7K, can cause a nasty dump to around 6.5K– As long as I see a good reaction at the current support channel, I am positive we are going up from here pic.twitter.com/LJqycVtE18
— CryptoBuzz (@Crypto_Buzz_247) September 26, 2019
Analyst Crypto Buzz has stated that a loss of this level is likely to cause “nasty dump to around $6,500”, a level which many believe will act as the bottom of this bull market consolidation. $6,500 is, of course, where BTC famously traded around for months on end during the middle of 2018.
Related Reading: More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts
Trader Crypto Hamster has even gone as far as to say that a loss of $7,700 without a strong recovery may be a clear sign that the “bull market is over”.
Bull Case Grows
Although investors are mostly divided over where Bitcoin will head next, the bull case recently gained some steam.
Published on Friday, Bloomberg reported that the GTI Global Strength Indicator, “a measure of upward and downward movements of successive closing prices,” recently printed a buy for the first time since the cryptocurrency bottomed at $3,150 in the middle of December. It was added that Bitcoin’s ability to consolidate at $8,000 is also a sign that BTC’s price has been building upward momentum.
Related Reading: Crypto Market Death Cross Inches Closer, Will The Bear Market Return?
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