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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Weakening Bearish Bitcoin Momentum Could Give Bulls The Upper Hand

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin bearish momentum

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Bitcoin price has taken a beating over the last several months, resulting in the worst quarterly close since 2011. The bearish momentum has been brutal as crippling contagion spreads across the cryptocurrency market.

However, bearish momentum on weekly timeframes has begun to weaken, providing bulls with their first opportunity to capitalize in some time.

Bitcoin Bearish Weekly Momentum Begins To Weaken, Can Bulls Capitalize?

In the real world, momentum is the measure of velocity and mass. In finance, the term describes the rate of speed at which an asset’s price changes. Considering that Bitcoin price plummeted from above $60,000 to $20,000 in a matter of six months, bearish momentum has been a force to be reckoned with.

Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?

However, on weekly timeframes, the first signs of waning bearish momentum have been spotted.

BTCUSD_2022-07-08_11-18-01

Bearish momentum is weakening according to the LMACD histogram | Source: BTCUSD on TradingView.com

On the MACD histogram, bearish momentum is weakening as can be seen by the histogram changing from red to pink.

The current situation is not an all-clear signal. Momentum will only be considered bullish when the histogram passes the zero line and turns green.

BTCUSD_2022-07-08_11-22-23

A green signal isn't always a worthwhile buy | Source: BTCUSD on TradingView.com

As the chart above demonstates, turning green doesn’t always confirm significant upside. So why then might bulls want to consider the current setup? As the saying goes, “when in doubt, zoom out.”

Related Reading | Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

Upon zooming out, bearish weekly momentum waning becomes more significant when you consider the level at which the shift in momentum is occurring. The weekly MACD is currently giving a reading of -0.20. Past bear market bottoms came in a fraction of a point below at -0.21.

BTCUSD_2022-07-08_11-24-54

Momentum is turning where past bottoms have been put in | Source: BTCUSD on TradingView.com

This is still no guarantee that bulls will regain the upper hand. However, could a third bottom at this level end up being the charm crypto holders were hoping for? Bulls will need to capitalize on the potential momentum shift, and follow through – pushing the histogram into the green.

Reclaiming $29,000 would be a strong first step, but given the potential of a recession ahead, investors would likely need more convincing at a return to $50,000 or above.

If bearish momentum returns before the week is over and pushed the histogram into the red, bulls can forget about a rally for a little while longer.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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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.

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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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