• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Crypto Market Crash: This Technical Structure Puts End to Uptrend

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin, Ethereum
Reading Time: 3min read
Crypto Market Crash: This Technical Structure Puts End to Uptrend
Advertisement

Although the crypto market has been surging since the start of 2020, the Bitcoin and altcoins may be experiencing the early stages of the year’s first major correction.

The technical structure of the recent, short-term uptrend has been broken, suggesting that further downside is due in the days ahead. However, the uptrend on higher timeframes remains strong, so any correction is likely limited and will rebound to new highs following a local low being set.

Crypto Market Uptrend Technical Structure is Tarnished, But Daily Close Will Decide Fate

The crypto asset class has been among the best-performing assets of the new year, across any financial market, behind only select standouts like Tesla.

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

Bitcoin is up over 40% year-to-date, and altcoins across the board have been skyrocketing. The number two cryptocurrency by market cap Ethereum has risen over 100%, doubling in value in just a few weeks.

Meanwhile, lower down the list, altcoins like Link or Tezos have been on fire, quadrupling in value in just a few short weeks into the new year.

Related Reading | Bitcoin Dominance Could Cause Catastrophic Ending to Current Altcoin Season 

But the explosive uptrend may be coming to an end, at least in the short term, according to a break in market structure.

Uptrends by definition are a series of higher lows and higher highs put in consecutively following an ultimate low being set. The uptrend is over once a high is put in, and a lower low is later set to confirm the conclusion of the bullish momentum.

On daily timeframes, the total cryptocurrency market is just hours away from setting its first lower low since the uptrend began.

total crypto market price chart

Technically, two wicks have already touched lower lows, but no daily price candles have closed below the low set on February 10.

When looking at an uptrend channel that has formed throughout the year, the total crypto market cap can still be seen trading within the channel. A wick extends out of the bottom of the channel, but again, no candle has closed to confirm the lower low and finish to the uptrend.

total crypto market price chart

The lack of a candle close could indicate that the total crypto market could surge higher from here, but after over 70% gains across the board, more than 10% correction is likely warranted and due in the days ahead.

Danger of Deep Correction Won’t Prevent Bull Market, According to Higher Timeframe Price Action

Even if a deep correction arrives, the uptrend is still safe and intact on higher timeframes such as the weekly and monthly. It is only shorter timeframes that are in jeopardy.

A new lower low on weekly timeframes won’t be set until the market cap falls under $219 billion. The total crypto market value current rests at $276 billion, up from a low of $165 billion set back in late December 2019.

On monthly timeframes, a new lower low won’t be set unless the market falls back below $165 billion. Such an event would suggest the long-term trend was turning back to bearish, and an extended downtrend would be almost guaranteed.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun 

Such an event is extremely unlikely after two full years of a bear market and with so many signals confirming that a new bull market is forming for Bitcoin and altcoins in the months ahead.

total crypto market price chart

Tags: altcoinsbitcoincryptoethereumtezostotal crypto market cap
TweetShare10
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

17 hours ago
Dash Investment Foundation Considers Buying Tesla and Coinbase IPO Shares

Dash Investment Foundation Considers Buying Tesla and Coinbase IPO Shares

18 hours ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

19 hours ago
How to Maximize Your Yield Farm Gains

How to Maximize Your Yield Farm Gains

1 day ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

2 days ago
Fastswap

FastSwap Set for Liquidity Aggregator and Binance Smart Chain Migration

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Get Your Brand New Tokens on Defiqa’s Presale

February 26, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.