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Home Cryptocurrency news Bitcoin

Bitcoin Price Previous Bear Trend Could Predict Potential Price Action Ahead

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Bitcoin Price Previous Bear Trend Could Predict Potential Price Action Ahead
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Bitcoin is at an interesting price point in its decade or so on the market. The first-ever crypto-asset designed by Satoshi Nakamoto is no longer in a bear market, but not yet in a bull market, as it has yet to set a new all-time high or break past the remaining bear market resistance.

That same bear market may help predict future price action, as a similar trend line has appeared at the top of the current rally that looks eerily similar to a trend line that kept Bitcoin from ever revisiting $20,000.

Bearish Trend Line Hasn’t Been Broken, But Bulls Are Ready For Action

Most crypto analysts, investors, and traders believe that Bitcoin has already started its next bull run. But bears have still managed to keep their presence known, and Bitcoin was rejected at $13,800 as a result. Since then, the leading crypto asset by market cap has struggled to retest previous local highs – the only remaining obstacle before the asset’s previous all-time high is retested next.

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Related Reading | Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead? 

The rejection and flash crash at $13,800 stopped Bitcoin just before it broke out of its bear market resistance, and has caused it to be restricted to a downtrend line that it is now brushing up against once again. 

A closer look. Previous parabola observed this line…. pic.twitter.com/ulJyHx046g

— dave the wave (@davthewave) August 5, 2019

As noted by crypto analyst Dave the Wave, the current bearish downtrend line that Bitcoin can’t seem to get through appears to follow a path similar to the downtrend line following Bitcoin’s rejection at $20,000. 

Bitcoin Price Fractal Fails, But Trend Line Still Intact

The two parabolic rallies and tops have played out similarly, albeit with different price action despite similar downtrend lines. Bitcoin had been following a fractal of the 2018 bear market closely until bulls buying the dip stopped the price of BTC from falling further. In late 2017 into early 2018 downtrend, Bitcoin price formed an M-shaped double-top before an Adam and Eve bottom pattern ultimately failed. This time around, an Adam and Eve bottom is in the process of confirming but still needs to break past the aforementioned down trend line.

Same sideways movement seen before the second big dip…. pic.twitter.com/RgCjIDxKHI

— dave the wave (@davthewave) July 30, 2019

If Bitcoin breaks through the down trend line here, bullish continuation and a retest of $13,000 is almost a given. Bitcoin will need to break through that resistance in order to have a clear runway for $20,000. Beyond that, a new all-time high and a bull market is in the cards.

Related Reading | “Golden” Bullish Bitcoin Price Signal: Are 5000% BTC Gains Ahead?

If Bitcoin is rejected here, it’ll fall back deep below the down trend line and could possibly retest lows below the $9,000 range it failed to break below the last time it visited. Further downside could jeopardize Bitcoin’s bull run foundation, and possibly cause an extended correction now that the parabolic rally has been broken.

Featured image from Shutterstock
Tags: Bear marketbear trendbitcoincryptoDave the Wave
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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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