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Home Cryptocurrency news Bitcoin

Break of “Market Structure” Puts Bitcoin Uptrend On Thin Ice

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news, Litecoin, Technical analysis
Reading Time: 3min read
bitcoin market structure

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Bitcoin and the rest of crypto have been experiencing a strong uptrend since Black Thursday when markets nuked globally and no assets were safe from the carnage.

And while a flip into a downtrend isn’t yet confirmed, a break in market structure at the very least puts the uptrend on thin ice.

bitcoin btcusd

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BTCUSD Break In Market Structure - Waiting For Lower Low | Source: TradingView

Bitcoin Market Structure Broken, But Downtrend Has Yet To Confirm Like Other Top Crypto

Bitcoin price is now trading in the low- to mid-$10,000 range, after falling from the 2020 high of $12,400 and once again being rejected at $11,200.

The two distinctly lower “tops,” have set the first lower high on daily timeframes, however, the cryptocurrency has yet to set a lower low. The initial break in market structure, one crypto analyst claims, could soon confirm a now, short-term downtrend across the board.

Related Reading | How Bitcoin’s 2020 High Compares To Past Bull Market “Tops”

Alongside Bitcoin showing such a pattern, the fourth-ranked crypto asset XRP is also exhibiting similar price action. Both top crypto assets could follow other, lower-ranked altcoins such as Litecoin, EOS, Chainlink, and Cardano all of which have seemingly confirmed the downtrend.

A downtrend, by definition, is a series of higher lows and lower lows, while an uptrend is the opposite. Bitcoin thus far has only potentially put the uptrend at risk but hasn’t confirmed a downtrend with a lower low.

litecoin ltcusd

LTCUSD Break In Market Structure - Lower Low Confirms Downtrend | Source: TradingView

2020’s Higher Low Puts Cryptocurrency Market In Jeopardy Of Lower Low Next

If Bitcoin is poised to reenter a downtrend and potentially revisit bear market lows, then the stock-to-flow model and any halving-based supply theories could be put to rest for good.

Those who subscribe to the idea of lengthening market cycles in crypto assets would be correct, and investors would have a lot longer to wait for Bitcoin to reach the lofty price predictions many hope for.

Related Reading | Bitcoin Fundamental Expert: “Clarity” Comes After “Rocky” Election Ends

On higher timeframes, Bitcoin has also set a lower high, with the 2020 low of $12,400 being over $1,400 less than the 2019 peak. A higher low on Black Thursday that retested Bitcoin’s bear market bottom, has kept the hope of an uptrend intact.

A higher low, however, is dangerous, and if daily timeframe trends turn down, the higher timeframe trend could do the same. And going by the definition of a downtrend alone, and what a bullish market structure should look like, the crypto asset could be in for another surprise collapse int he days ahead.

Featured image from DepositPhotos, Charts from TradingView
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoLitecoinltcltc/usdxbtxbtusd
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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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