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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bearish Sell Signal Triggers As Bitcoin Falls Below $39,000

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

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Bitcoin price is struggling to stay above $39,000 per coin and as it sinks lower, an ominous bearish technical signal is triggering.

Bitcoin Selloff Prompts Possible Change In Momentum

Selling pressure driven by FTX’s estate dumping nearly $1 billion in Grayscale GBTC shares caused Bitcoin price to lose the $39,000 level today, currently trading around $38,900 at the time of this writing.

The selloff hasn’t fallen deep enough for a convincing breakdown of the key psychological level, however, a bearish crossover of a momentum technical tool could trigger additional downward price action.

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The recent drop has caused the weekly LMACD to cross bearish. A bearish crossover is a sell signal that warns of a change in medium-term momentum.

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Will The LMACD Confirm The Bearish Crossover?

The bearish crossover on the weekly LMACD isn’t confirmed until the weekly candlestick closes. The LMACD is the logarithmic version of the MACD indicator – which stands for Moving Average Convergence Divergence.

When the tool’s lines converge and cross, it produces a signal to take action. However, if the crossover doesn’t confirm and the two lines diverge instead, it tells a trader to stay in a position. In this case, Bitcoin would stay in the buy position until a bearish crossover appears later down the line.

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Such bearish crossovers have the potential to stop a bull rally in its tracks. The LMACD crossed bearish around the 2018 peak, the 2019 rally, and at both 2021 double tops. It is worth noting, however, that BTCUSD crossed bearish in 2023, and in late 2020, but ultimately crossed back bullish and resumed a bull run. Another such scenario is possible, so even if the technical indicator crosses bearish, it doesn’t necessarily mean the end of upside for Bitcoin.

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, 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.

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
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