NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Could Soon Plunge From $7,000: 2 Key Technical Trends Prove This

Nick Chong
Nick Chong
5 years ago
2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

In the wake of the crash to $3,700, investors thought Bitcoin was on a certain path to fresh macro lows under $3,100. But, this has quickly changed as the cryptocurrency has embarked on a stunning recovery, reaching $7,500 last week on the back of hype regarding the May 2020 block reward halving.

Unfortunately, the 100% move from the “Black Thursday” low is coming to an end, with key indicators suggesting that a correction of the rally is imminent.

Related Reading: Ripple’s XRP Just Reclaimed a Multi-Year Trendline: Why This is Crucial for Bulls

Bitcoin Is Preparing to Reverse: Indicators

Avi Felman — a trader and analyst at crypto-asset fund BlockTower — recently observed that there are two clean signs that a reversal in the cryptocurrency market is on the horizon:

  • The Tom Demark Sequential, a time-based indicator that prints “9” candles to mark reversals, is printing a sell “9′ candle on the three-day chart. Previous three-day 9 candles marked the mid-March bottom and the December 2019 bottom, but front-ran the $10,500 top seen earlier this year.
  • Ethereum is currently failing to break past the three-day 50 moving average and the 200 moving average.

It takes a brave man to stand here.

Thanks @truenomic for the clean TD pic.twitter.com/IVLRnpwS59

— Avi (@AviFelman) April 16, 2020

There are also other traders that have similar sentiment, explaining that the signs are pointing to a move lower.

Trader DonAlt remarked that while the recent daily candles have not been “super bearish,” it is “awfully close to how the $10,000 top played out” pointing to structural similarities between that time frame in February of this year and now.

The asset following the playbook it made last time it saw such similar price action will see it tumble off a cliff in the coming weeks, likely to retest the lows.

Macro Perspective Also Suggests Yet Another Drop is Coming

The macro picture also suggests that the cryptocurrency may soon return to the downside.

Per previous reports from NewsBTC, Bitcoin analyst Dan Talmon suggested that Bitcoin’s bear market has seven distinct points and three distinct phases, depicted by the numbers and colors in the below chart.

The first phase is marked by a steep crash and bound; the second phase is short but sees the cryptocurrency crash again to set a new low; and the last phase is capitulation, where prices set fresh lows.

BTC is currently at the start of the third phase, the chart suggests. It also shows that should Bitcoin complete the pattern as it has done in the past, it will fall and then consolidate around the $4,000 lows once again.

Adding to this, Ross Ulbricht — the early crypto adopter behind the online marketplace “The Silk Road” —  suggested that Elliot Wave theory suggests BTC may fall under the 2018 lows. Elliot Wave is predicated on market cycles and investor psychology.

Related Reading: This One Financial Trend Will Make Bitcoin Succeed: Billionaire
Photo by Nik Shuliahin on Unsplash
Tweet123Share241ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Best Altcoins to Mimic Trump’s $57.4M Crypto Income – Price Jumps, Staking, and Other Rewards

Best Altcoins to Mimic Trump’s $57.3M Crypto Income – Price Jumps, Staking, and Other Rewards

Donald Trump has disclosed an income of $57.3M from World Liberty Financial tokens. The president filed his public financial disclosure...

Aaron Walker 6 hours ago
Whales Dump Over 270M Cardano In One Week – Bearish Signal Or Shakeout?

Whales Dump Over 270 Million Cardano In One Week – Bearish Signal Or Shakeout?

Cardano (ADA) is currently consolidating near a critical support zone that could shape the direction of its price action in...

Sebastian Villafuerte 6 hours ago
XRP

Ripple Plans To Take 14% Of SWIFT Volume, USDC Lands On XRPL – What Does This Mean For XRP Price?

Ripple CEO Brad Garlinghouse predicted that XRP could soon take a chunk of SWIFT’s trading volume. Meanwhile, Circle’s USDC recently...

Scott Matherson 8 hours ago
Load More

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin May Hit $78,500 If This Critical Support Fails – Details

Semilore Faleti 34 minutes ago
Ethereum

Investors Are Fleeing Ethereum, On‑Chain Numbers Reveal

Opeyemi Sule 2 hours ago
Bitcoin

Why Bitcoin Price Continues To Rise Despite Soaring Treasury Yields  — Analyst

Opeyemi Sule 5 hours ago

Premium Sponsors

Top Brands

Press Releases

  • ETHRANSACTION Cloud Mining Will Help You Earn $0 to...

    11 hours ago
  • アルトコイン急落時に注目すべき買いのチャンス|BNB・XRP・SOL・新ミームコインも登場

    ...

    14 hours ago
  • ソラナ基盤の注目プリセールが4,900万ドル調達、仮想通貨投資家にとってローンチ前の最後の購入チャンス

    ...

    15 hours ago
  • ドイツ企業が初のビットコイン準備資産化|今後仮想通貨1000倍が狙える注目の3銘柄

    ...

    15 hours ago
  • ico仮想通貨で再挑戦|900Kドルを集めた新プロジェクトが次の波に?

    ...

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

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.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.