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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Weekly Momentum Flips Bearish For The First Time Since April

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin bearish

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With Bitcoin holding strong above $10,000, the halving in the past, and months of positive price action, it is hard to not be bullish on the first-ever cryptocurrency.

However, a momentum measuring tool has flipped bearish for the first time since April 2020 on weekly timeframes, potentially pointing to $10,000 failing to hold and a deeper correction ahead. Here’s what the technical analysis tool is saying and what has resulted from past bearish crossovers of the MACD.

What is The MACD And Why Is It Flipping Bearish Bad For Bitcoin?

The Moving Average Convergence Divergence indicator is a technical analysis tool used in Bitcoin price charting that serves a variety of functions.

The further the two moving averages diverge, the more overbought or oversold an asset is. When the two lines crossover, it can signal that momentum is turning either bullish or bearish.

In addition to the two moving averages, most MACD indicators feature a histogram to more clearly visually represent changes in momentum. The tool, while effective and extremely popular, is often regarded as a lagging indicator.

btcusd macd weekly

BTCUSD Weekly MACD Turns Bearish For First Time Since April | Source: TradingView

According to the tool on BTCUSD weekly price charts, Bitcoin momentum has just flipped bearish for the first time since the last week of April, just ahead of Bitcoin’s halving.

Related Reading | Beware: Bitcoin Price Action Mimics Market Maker Model

Halving hype and buying momentum while Bitcoin price was cheap from the Black Thursday selloff helped send the asset’s price skyrocketing from there. Momentum has been so powerful, the cryptocurrency has even broken above, and thus far held several retests of $10,000.

btcusd macd weekly zoomed

BTCUSD Weekly MACD Past Bearish Crossovers | Source: TradingView

Bull Trend In Jeopardy If Weekly Closes Bearish, Daily And Monthly To Follow

Because the MACD is a lagging indicator, there’s always a chance that the flip to red on the histogram is the result of the fall from $12,400 and the second, recent crash from $11,200. If that’s the case, the correction could be finished, and price and each moving average could soon turn backup.

But a turn right back up is rare and isn’t always positive. Looking back throughout the bear market when Bitcoin flipped bearish on the weekly MACD in the past, hasn’t been a sign that more bullish upside is ahead.

In fact, nearly each flip bearish has resulted in weeks of a downtrend. The only other instance where the weekly MACD flipped red temporarily before flipping back green, and that was just ahead of Bitcoin plummeting to its bear market bottom.

btcusd macd daily weekly

BTCUSD Daily and Monthly MACD Still Bullish, But Turning | Source: TradingView

Like with any indicator, signals vary across several different timeframes, and that’s further an issue for Bitcoin. On monthly timeframes, and daily timeframes, the MACD histogram is diminishing and the two moving averages are converging and looking poised for a bearish crossover.

A bear crossover across all three key timeframes could be especially bad for the crypto asset.

Related Reading | How BTC Held On Exchanges Matches Bitcoin’s Deadliest Drop Yet

The saving graces here for the cryptocurrency’s bull market is the fact that on daily and monthly timeframes, Bitcoin is still bullish, and the weekly must close for that red stain to be left behind on the asset’s price chart.

With the week almost half in the bag, the next few days are crucial for the bull trend to continue.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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.

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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

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