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Home Cryptocurrency news

Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin price macd
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Bitcoin price has struggled to regain the same powerful bullish momentum it had starting in April through July, but crypto bulls also haven’t given up the fight and have managed to keep Bitcoin price from falling far below $10,000.

But that fall deep below $10,000 may be coming sooner than expected if the weekly MACD turning down is any indication of the trend change to come. If $10,000 breaks, one crypto analyst says that Bitcoin may fall below the median range toward the lower trading range, which as a bottom $6,000.

Former Bitcoin Price Broken Bottom at $6K To Act As Bottom of Trading Range

Bitcoin price has taken so many trips to test support at $6,000, it’s difficult to imagine doing it again, and potentially again and again after that.

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Throughout the 2018 bear market, $6,000 acted as seemingly unbreakable support after each gradually decreasing peak was rejected. Eventually, in November 2018, $6,000 gave way, and Bitcoin price fell to its eventual bear market bottom at $3,200.

Related Reading | Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump 

On the way back up, $6,000 was expected to act as impossible resistance to beat, but instead Bitcoin price cut through it like a hot knife through butter. Now, the leading crypto asset by market cap may make another trip downward to test $6,000 as support once again, and crypto investors will be hoping and praying that it holds up better than the last time it was tested as support.

$BTC – The weekly MACD edition…

Hows that MACD looking folks… ? pic.twitter.com/DogFap33VB

— TraderXO (@TraderX0X0) August 23, 2019

According to TraderXO, a prominent crypto analyst, the weekly MACD is turning downward for the first time since Bitcoin peaked at $20,000. The MACD is an indicator that can help predict trend changes by gauging the buying or selling momentum.

Momentum is clearly pointing down, and will likely drag Bitcoin price down below the upper portion of the greater trading range from between $10,000 and $14,000, to the lower half of the trading range from $6,000 to $10,000. This suggests that Bitcoin could be in a larger trading range between $6,000 and $14,000 for the foreseeable future until support or resistance gives in either direction.

Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000 

The crypto market fear and greed index is currently at among the lowest its ever been historically, yet Bitcoin price has barely corrected. A fall to $6,000 will likely break out investors who believed that the bottom of Bitcoin was already in, and given how $6,000 failed the last time around, most will not find much comfort or confidence in it holding once again.

However, other crypto analysts believe that first-ever crypto asset has embarked on its bull run, and a correction of that magnitude simply will not play out. But the weekly MACD says otherwise. Only time will tell if Bitcoin does correct further, or blows bears away with another parabolic rally.

Tags: bitcoinbitcoin pricecryptoMACDtechnical analysis
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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.

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