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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin price crypto moving average signal

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The momentum behind Bitcoin price turned from bullish to bearish this week, when the crypto asset fell through the bottom of a triangle it had been trading inside, plummeting over 20% in value.

The force of the drop took Bitcoin price down far enough where it tested the 200-day moving average as support – a moving average that supported Bitcoin’s entire bull run during 2016 and 2017. But crypto investors’ worst fears have come true, and Bitcoin has now closed a daily candle below the important indicator.

Daily Candle Closes Below 200-Day MA, What’s That Mean for Bitcoin Price?

Moving averages are simply the average of a price within a particular timeframe. Certain moving averages are more effective than others as a trading signal, and typically the longer the timeframe on the moving average, the more significant it can act as support or resistance.

Take the 200-week moving average, for example. At Bitcoin’s bear market bottom, the nearly four-year term moving average acted as support and caused Bitcoin to bounce all the way from $3,100 to $14,000 where this rally came to a screeching halt.

Related Reading | Inverted BTC/USD Chart Is Bear Market Bottom Flipped Upside Down 

But despite the nasty rejection at that price level, and a subsequent descending triangle formation, bulls kept faith that Bitcoin would break upward and continue along its bull run. Much of this was based on the idea that Bitcoin price was trading above its 200-day moving average – not to be confused with the aforementioned 200-week moving average that supported Bitcoin’s bottom.

Throughout the entire 2016-2017 bull run – the one that helped put crypto on the map – each correction in Bitcoin price was repeatedly supported by the 200-day moving average, and never closed a daily candle below it.

https://twitter.com/cryptodvir/status/1177466834800410625?s=12

But this time is different. Bitcoin price just closed its first daily candle below the 200-day moving average since the April rally first began, and could be a signal that Bitcoin’s bull run is in jeopardy and a return to the bear market may be possible.

Bitcoin price has already breached below $8,000 and the low $7,000 range could be next. Below that, former bear market support in the low $6,000 range would need to hold up and confirm as support for BTC to avoid plunging deeper toward what most believe to be the bear market bottom.

Related Reading | Next Week Could Be Most Critical Week for Crypto Yet 

However, the closer it gets to that previous bottom, the higher the chances are that it wasn’t the bottom at all, and BTC could test the $2,000 or even $1,000 range. Such a drop, could potentially spell the end for Bitcoin, as it would cause many to question the longevity of the asset.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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’s 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’s 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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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