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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Crypto Analyst: Bitcoin Bull Rally is Over if Trendline Breaks

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

Bitcoin has been on a bull run since the start of 2019, after bottoming in December 2019. Momentum picked up with a $1,000 candle in April and the crypto asset was off to the races ever since.

But now the race appears to be coming to an end, and Bitcoin could cross the finish line soon with a break of a multi-month trendline that has been supporting Bitcoin price thus far and preventing the crypto asset from falling below $10,000.

Bulls In Trouble if Multi-Month Bitcoin Trendline Breaks

Following April’s $1,000 candle in a matter of an hour that set off a domino effect of crushing altcoins and causing Bitcoin to go parabolic, the crypto asset experienced only a few small corrections before breaking back above the important FOMO trigger level of $10,000 where it’s been for the last few months.

Related Reading | Bitcoin Price Struggles With Support at $10,000, What’s Next for Crypto Markets? 

One of those minor corrections involved a test of support at $7,500. From there, a trendline was born that yes yet to break, despite three or four tests of it as support. Bitcoin price is currently just above that trendline, and a clean break below it could spell disaster.

In fact, one crypto analyst says that a break of this important trendline “means it’s all over” for bulls. A strong break below could cause Bitcoin to retest the horizontal support at $7,500 where the trendline was born from.

Interesting to see the chart play out after I called the top 2 months ago.

Waiting for this trendline to break.

A daily close below means it's all over.

Keep it simple.#bitcoin pic.twitter.com/Ioq8hAsm0x

— Imperator (@imperator_v2) August 22, 2019

The bottom trendline is also the bottom of a symmetrical triangle that’s formed over the last few months after Bitcoin price topped out at $13,800. Since then it has bounced back and forth between peak and trough, forming the geometrical chart pattern.

Symmetrical triangles are typically continuation patterns but can break up or down. Because Bitcoin price is currently at the bottom of the formation and bottom of the important multi-month trendline that has supported price from falling further thus far, a breakdown is likely unless bulls can make a strong push toward the top of the triangle, and break above around $11,750 and close a daily candle.

Related Reading | Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

Beyond the break of the trendline, a bearish breakdown from here could cause widespread panic across the already shaken crypto market, which is sitting at its lowest level on the fear and greed index in the history of the metric.

The market is already fearful after altcoins have fallen so significantly relative to their BTC ratios. A drop in Bitcoin could either cause altcoins to rally, or further drag down their USD values if they fall further. All this depends on what Bitcoin does from here, and the entire market will be watching and waiting to see what happens next.

Tags: analystbitcoinbitcoin pricecryptotrendline
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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