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Home Cryptocurrency news

Bitcoin Testing Weekly Moving Average That Sparked Last Crypto Bull Market

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin crypto bull market
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Now that Bitcoin has broken down from the triangle formation it was trading in, putting an end to months of consolidation, crypto analysts are sifting through Bitcoin price charts hoping to find clues as to what might happen next.

One crypto analyst may have found some evidence that Bitcoin’s bull run isn’t actually over, and is simply resting an important long-term moving average that following the last bear market, once it was retested, the true bull market began that resulted with Bitcoin reaching $20,000 per BTC.

100-Week Moving Average Retest Ignited Bitcoin Bull Run

At the end of 2015 – just as the 2014-2015 bear market came to a close, Bitcoin broke up above the 100-week moving average, later retesting it as support in early 2016, before going full parabolic and setting a new all-time high at $20,000.

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When Bitcoin broke down from $6,000 to its bear market low last November, the leading crypto asset by market cap fell below the 100-week moving average for the first time since 2016.

Related Reading | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average 

In April 2019, Bitcoin once again broke back above the 100-week moving average it had finally fallen below in November. Now, after the triangle breakdown, Bitcoin is once again retesting the 100-week moving average as support, and if history repeats – and if often does – Bitcoin could once again be supported by the moving average, and the next true bull run may begin soon after.

Yes, No, Maybe So? pic.twitter.com/1eR74bfdfg

— Nunya Bizniz (@Pladizow) October 17, 2019

Will History Repeat Itself, Or Will Another Moving Average Fall to Crypto Bears?

According to a chart shared by a prominent crypto analyst, it demonstrates how the 100-week moving average acted as resistance turned support in early 2016, ultimately leading to the crypto bubble that put Bitcoin on the map and made it a household name.

A closer look at the weekly chart shows that Bitcoin had two weekly candles bounce off the moving average, giving bulls a glimmer of hope that the bull market isn’t over before it really got started.

Bears, however, can take solace in the fact that other crypto analysts had repeatedly cited other moving averages, such as the 200-day moving average, acting as support throughout the last bull market. Bitcoin has now closed many consecutive candles under the 200-day moving average and was unable to reclaim it as support even after several attempts.

Related Reading | Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs

Technical analysts often look for theories and stick with them until they are invalidated. The idea that the 100-week moving average could act as support is currently still valid, however, a break below $7,700 on the weekly and a full candle close below it, the theory can go out the window along with the 200-day moving average propping Bitcoin up enough for a new bull run.

Tags: 100-week moving average200-Day Moving Averagebitcoincryptomoving averagestechnical analysis
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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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