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Home Cryptocurrency news Bitcoin

Has Bitcoin Confirmed A Bullish Retest Of “Meme” Downtrend Line?

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin btcusd meme trend line

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Bitcoin price may be at among its most critical moments in its short just over a decade history. The cryptocurrency has over the last several days retested the all-important “meme” downtrend line extending from all-time high as resistance turned support.

After successfully holding, the bullish retest could be confirmed, and the last dip before Bitcoin’s next bull run could already be behind us.

Has Bitcoin Confirmed A Bullish Retest Of The “Meme” Downtrend Line?

Bitcoin price has spent three years trapped within a downtrend. This downtrend was capped off by a trendline that nearly everyone who has ever laid eyes on a BItcoin chart has likely also seen.

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Few charts were shared over the last year without that key line connecting the all-time high and Bitcoin’s 2019 trip to $14,000. Because the cryptocurrency was so well contained by this well-known line, the trendline has become a “meme” throughout the crypto community.

According to Wikipedia, a “meme is an idea, behavior, or style that becomes a fad and spreads by means of imitation from person to person within a culture and often carries symbolic meaning.”

Although everyone is using this trend line, it doesn’t make it any less valid. In fact, it may be the most critical trend line the crypto asset has ever tested as resistance turned support.

Related Reading | Bitcoin Reaches 144 Weeks From All-Time High: Why This Number Matters

That bullish retest may be over and concluded, according to a zoomed in look at the “meme” trend line. Bitcoin fell below and closed a handful of daily candles below the trend line, but has since made its way back above it as of today. If the daily can close above and hold, it could be the last time the cryptocurrency ever trades below its boundaries.

BTCUSD Daily Meme Downtrend Line Retest Confirmed? | Source: TradingView

Could Another Downtrend Line Develop That Keeps The Cryptocurrency Trend Bearish A Bit Longer?

It is worth pointing out that nearly all other “meme” trend lines have turned out to be just another line meant to be broken but failed to lead to the bull market crypto investors are salivating over.

Looking back throughout the bear market, there have been several trend lines broken (red and blue) that resulted in more downside following, or another more dominant trend line developing.

btcusd trend lines

BTCUSD Daily Downtrend Lines Galore! | Source: TradingView

It also adds to the possibility that this latest meme trend line retest, isn’t all that special. It also could mean another game of the connect the dots will lead to yet another new, dominant trend line developing (purple).

Trend lines, like rules, are meant to be broken. They also can be used against traders especially when so many eyes are on the same crucial level. Chances of an increase in volatility or violent shakeouts are normal during important retests.

Related Reading | Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout

So while this retest already looks to be confirmed and bulls in charge, a trap is possible where bears push price action back within the trendline. If it holds, however, nearly everyone who has ever stared at a Bitcoin price chart will know this key line is breached, and it could trigger a massive wave of FOMO.

Featured image from DepositPhotos, Charts from TradingView
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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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.

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