• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
  • BTC MiningTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
  • BTC MiningTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
Bitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom
Advertisement

The entire crypto space has been on fire lately, causing most investors and analysts across the market to conclude that Bitcoin is just days away from entering its next bull market, ready to reach new all-time high prices.

But the most recent rally may now be over, and according to a year-long trendline, the latest move up may have been nothing more than a bearish retest confirming the 2019 uptrend as support now turned resistance before a shocking fall further.

Is a Crypto Bull Market Back On?

Ever since the start of 2020, Bitcoin has been rallying, bringing investors over 30% on year-to-date returns. Elsewhere across the crypto market, altcoins have also been skyrocketing, causing a return of investor confidence in the asset class.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Indicators on monthly and weekly timeframes all show signals that Bitcoin is soon entering a bull market.

Related Reading | Bitcoin Just Formed a Golden Cross, Restoring Faith in A Crypto Bull Run 

And while there may be truth to that theory, a one-year-long trendline dating back to Bitcoin’s bear market bottom could have just acted as a confirmation of support turned resistance.

Bitcoin in late December 2018, met its bottom at roughly $3,100. It wasn’t until early February, when Bitcoin made another retest of lows, that after support held, caused the crypto asset to take off on a parabolic rally toward $14,000.

But that rally topped out, and Bitcoin entered a six-month downtrend, that many now believe to be behind us.

However, the breakdown in mid-November was able to breach below the former 2019 uptrend line, before falling to current local lows around $6,400.

It was those lows that acted as a launchpad for the most recent rally.

But the rally may have just concluded with a retest of that year-long parabolic uptrend line, dating back almost exactly one year to the start of February.

bitcoin price chart

Bitcoin Bearish Retest of Year-Long Trendline Could Spell Disaster Ahead

As can be seen on the price chart, the retest of the bottom support and the retest of the uptrend line as support turned resistance are precisely a year apart.

The trend line acting as support turned resistance doesn’t necessarily mean Bitcoin cannot get back above it, but it does show that there’s potential here to stop the current rally in its tracks.

Bitcoin only broke below the important trend line after three touches, so it may require additional attempts by the leading cryptocurrency by market cap to break back above the line – if it is able to do so at all.

Related Reading | Bitcoin is Setting Up For a Violent Long Squeeze, Which May Trigger New Lows

And staying below the trendline doesn’t necessarily mean that Bitcoin can’t enter a new bull market, it just means that the trajectory to get there may be a little less steep and take a bit more time before it happens. But the longer and less steep the ascent, the healthier the rally will be.

Tags: bitcoinBull Marketcryptotrendline
TweetShare40
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

Charles Hoskinson Talks Capital Gains Tax, Saying it’s Depressing Sh*t

Charles Hoskinson Talks Capital Gains Tax, Saying it’s Depressing Sh*t

6 hours ago
DYP

Leading Yield Farming Ecosystem DYP Now on Binance Smart Chain

13 hours ago
litecoin

Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

17 hours ago
Ex WWE Wrestler Kane, Now Knox County Mayor, Looking Into Bitcoin and Litecoin

Ex WWE Wrestler Kane, Now Knox County Mayor, Looking Into Bitcoin and Litecoin

18 hours ago
Ethereum ETH ETHUSD22

Is This The Perfect Moment To Buy Ethereum? Top Analyst Weighs in

20 hours ago
Cardano ADA ADAUSDT

This Is How Cardano’s First DEX Will Try To Disrupt DeFi

22 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

COLLECTIVE Is Making Waves in This NFT Hyped Market With Its New Offerings

April 23, 2021

BitMinutes Announces Partnership with GoodDollar, Embracing Opportunity for Social Good

April 22, 2021

Hodlnaut Selects Fireblocks to Secure Assets With Next-Generation MPC Security

April 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO
  • BTC Mining

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.