• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Price’s November Close Triggers Medium-Term Sell Signals

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Earlier today, NewsBTC reported that CryptoThies, a popular analyst, noted that the Chaikin Money Flow (CMF) for Bitcoin was trending positive. The CMF, an oscillating indicator that is derived from the MACD to signal market strength, suggested that “smart money is just now flowing into the market and is trending upwards,” indicating that the cryptocurrency could begin to bounce and form a positive trend heading into 2020.

Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Surge, UpBit Hacked for $50 Million in Ethereum, US Arrests Blockchain Researcher

Though it seems that the close of the November monthly candle for Bitcoin has changed the state of the cryptocurrency market. In fact, the close of the November candle and open of the December candle, analysts say, imply that BTC will soon restart its medium-term downtrend, which could easily bring it back to the $6,000s, maybe even lower.

Harrowing Signals on Monthly Bitcoin Candle

Trader Byzantine General recently noted that the Moving Average Convergence Divergence (MACD), which is a “trend-following momentum indicator that shows the relationship between two moving averages of a security’s price” (Investopedia), has printed a bearish crossover for the one-month BTC chart.

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

The last time this took place was in May of 2018, prior to Bitcoin’s extended bearish move from the $10,000s to the $3,000 in the seven-odd months that followed.

Notably, this MACD bearish crossover that just took place doesn’t have as much momentum as the previous one, implying that the likely decline that will follow may not be as deep and as extended as the one seen in 2018.

The monthly MACD on #bitcoin just had a bearish cross.

Yikes. pic.twitter.com/kOB65aOAq3

— Byzantine General (@ByzGeneral) December 1, 2019

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

That’s not all. The aforementioned analyst CryptoThies noted that his proprietary MarketGod indicator, which tracks trends much like the MACD, has printed a “sell” signal on the December candle for Bitcoin.

This is notable as previous “sell” signals on the monthly chart for BTC were seen near the $20,000 top last cycle and around $800 in the cycle before last. History repeating would mean that the cryptocurrency may have a few months of pain ahead.

Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.

Short the corn. pic.twitter.com/AiVLec0sUs

— Parabolic Thies ♔ (@KingThies) December 1, 2019

Not All Hope is Lost

While these signals are undoubtedly harrowing where you take historical events into account, Bitcoin bulls might not be done yet. The monthly candle for December has yet to close, giving bulls a chance to reverse the worrying technical signals laid out above in the coming four weeks.

Related Reading: Party is Over: Bitcoin Slips to $7,400, Making $6,000s a Possibility Again
Featured Image from Shutterstock
Tags: bearishbitcoincryptocurrency
Tweet123Share229ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Bitcoin

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

8 hours ago
crypto

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

10 hours ago
Bitcoin

Why Pain May Not Be Over For Bitcoin Holders Just Yet

1 day ago
Bitcoin

Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

2 days ago
Bitcoin

Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

2 days ago
bitcoin

Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Have These Coins Cardano (ADA), Solana (SOL), and FIREPIN Token (FRPN) Become The Pillars Of The Crypto Space?

June 27, 2022

Torches Finance, The Top Lending Protocol has Launched on KCC, Genesis NFT Free Mint is Coming Soon

June 27, 2022

DogeSQ Token Presale Will Live on 28th June, 2022. 6:00 AM UTC

June 27, 2022

XT.com Lists Tales of Xtalnia (XTAL) With USDT Trading Pair

June 27, 2022

Find Out How Gnox (GNOX) Is Planning To Take On Fantom (FTM) And Avalanche (AVAX)

June 27, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 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.