{"id":400703,"date":"2019-10-07T18:00:06","date_gmt":"2019-10-07T18:00:06","guid":{"rendered":"https:\/\/ktsl888.com\/?p=400703"},"modified":"2019-10-07T15:30:10","modified_gmt":"2019-10-07T15:30:10","slug":"crypto-analyst-bitcoin-downtrend-in-full-swing","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/crypto-analyst-bitcoin-downtrend-in-full-swing\/","title":{"rendered":"Crypto Analyst: Bitcoin Downtrend In Full Swing"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">For the better part of 2019, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> was in a powerful uptrend. After the leading crypto asset by market cap touched its bear market bottom at $3,200 the asset went parabolic until it topped out at $14,000 \u2013 just shy of setting a new all-time high.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">After consolidating in a symmetrical triangle for three months, Bitcoin\u2019s bullish trend has reversed, and according to a crypto analyst, a downtrend is now in full swing, and any bounces in price to higher levels are opportunities for a profitable short position entry. <\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Bitcoin Downtrend In Full Swing, Short Each Bounce<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The consensus amongst crypto analysts throughout much of 2019 was that Bitcoin was well along its way into a new bull market, and that any dips were opportunities for buying or opening a long trade position.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |<a href=\"https:\/\/ktsl888.com\/2019\/10\/04\/three-black-crows-bitcoin-monthly-chart-forms-ominous-reversal-pattern\/\"> Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">A significant dip finally arrived after Bitcoin was rejected from $14,000, but buyers couldn\u2019t muster up enough buying force to sustain Bitcoin price above $10,000, and eventually, the multi-month triangle broke down, potentially causing a bearish reversal.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">One crypto analyst, known for using unorthodox Renko candle charting, says that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has indeed reversed and is now in a downtrend, and that buy the dip season has now turned back into an opportunity to short each bounce for profits.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> Daily Renko. Downtrend in full swing, retested, short any bounce. <a href=\"https:\/\/t.co\/1GNwh8kuUm\" rel=\"nofollow\">pic.twitter.com\/1GNwh8kuUm<\/a><\/p>\n<p>&mdash; Cold Blooded Shiller (@ColdBloodShill) <a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/50119424?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 6, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\">Renko candles are often used by crypto analysts and traders because they filter out minor price movements to \u201cmore clearly show market trends\u201d compared to traditional Japanese candlestick charting, according to <a href=\"https:\/\/en.wikipedia.org\/wiki\/Renko_chart\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Wikipedia<\/a>.<\/p>\n<h2 class=\"p1\"><span class=\"s1\">Buy the Dip Season Is Over, Will Bitcoin Set New Low?<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">The last time Bitcoin was in a downtrend, it fell from $20,000 to a low of $3,200 \u2013 or an over 85% decline from the crypto asset\u2019s all-time high. With what most believed to have been a bull market now put on pause, the market is now calling for new lows.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Part of the reason for Bitcoin\u2019s parabolic rise in 2019, was due to crypto investors buying the crypto asset following what they had believed to be the bottom being put in. But as Bitcoin price begins a new downtrend, the December 2018 low of $3,100 potentially not being the bottom is now a realistic scenario that must be considered.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/10\/05\/crypto-market-death-cross-inches-closer-will-the-bear-market-return\/\">Crypto Market Death Cross Inches Closer, Will The Bear Market Return?<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The thought has brought real fear back into the crypto market \u2013 a market that only a few short weeks ago was calling for Lambos and trips to the moon once again. And with altcoins having rallied in 2019, only to fall back to set new lows, anything is possible for Bitcoin and the crypto market.<\/span><\/p>\n<p>Has <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> actually bottomed, and if it hasn\u2019t, will buyers step in once again to buy it?<\/p>\n<pre class=\"p1\"><span class=\"s1\">Featured image by Shutterstock<\/span><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>For the better part of 2019, Bitcoin was in a powerful uptrend. After the leading crypto asset by market cap touched its bear market bottom at $3,200 the asset went parabolic until it topped out at $14,000 \u2013 just shy of setting a new all-time high. After consolidating in a symmetrical triangle for three months, Bitcoin\u2019s bullish trend has reversed, and according to a crypto analyst, a downtrend is now in full swing, and any bounces in price to higher levels are opportunities for a profitable short position entry. Bitcoin Downtrend In Full Swing, Short Each Bounce The consensus amongst crypto analysts throughout much of 2019 was that Bitcoin was well along its way into a new bull market, and that any dips were opportunities for buying or opening a long trade position. Related Reading | Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern\u00a0 A significant dip finally arrived after Bitcoin was rejected from $14,000, but buyers couldn\u2019t muster up enough buying force to sustain Bitcoin price above $10,000, and eventually, the multi-month triangle broke down, potentially causing a bearish reversal. One crypto analyst, known for using unorthodox Renko candle charting, says that Bitcoin has indeed reversed and is now in a downtrend, and that buy the dip season has now turned back into an opportunity to short each bounce for profits. $BTC Daily Renko. Downtrend in full swing, retested, short any bounce. pic.twitter.com\/1GNwh8kuUm &mdash; Cold Blooded Shiller (@ColdBloodShill) October 6, 2019 Renko candles are often used by crypto analysts and traders because they filter out minor price movements to \u201cmore clearly show market trends\u201d compared to traditional Japanese candlestick charting, according to Wikipedia. Buy the Dip Season Is Over, Will Bitcoin Set New Low? The last time Bitcoin was in a downtrend, it fell from $20,000 to a low of $3,200 \u2013 or an over 85% decline from the crypto asset\u2019s all-time high. With what most believed to have been a bull market now put on pause, the market is now calling for new lows. Part of the reason for Bitcoin\u2019s parabolic rise in 2019, was due to crypto investors buying the crypto asset following what they had believed to be the bottom being put in. But as Bitcoin price begins a new downtrend, the December 2018 low of $3,100 potentially not being the bottom is now a realistic scenario that must be considered. Related Reading | Crypto Market Death Cross Inches Closer, Will The Bear Market Return? The thought has brought real fear back into the crypto market \u2013 a market that only a few short weeks ago was calling for Lambos and trips to the moon once again. And with altcoins having rallied in 2019, only to fall back to set new lows, anything is possible for Bitcoin and the crypto market. Has Bitcoin actually bottomed, and if it hasn\u2019t, will buyers step in once again to buy it? Featured image by Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":400711,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,45314,57025,6664,1835,57024],"class_list":["post-400703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-candlesticks","tag-charting","tag-crypto","tag-downtrend","tag-renko"],"acf":[],"yoast_head":"\n<title>Crypto Analyst: Bitcoin Downtrend In Full Swing<\/title>\n<meta name=\"description\" content=\"For the better part of 2019, Bitcoin was in a powerful uptrend. 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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\u2019s 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. 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