{"id":407356,"date":"2019-12-15T20:30:35","date_gmt":"2019-12-15T20:30:35","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=407356"},"modified":"2024-06-11T13:35:16","modified_gmt":"2024-06-11T13:35:16","slug":"bitcoin-super-trend-flips-bear-price-low-7000s","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-super-trend-flips-bear-price-low-7000s\/","title":{"rendered":"Bitcoin&#8217;s &#8220;Supertrend&#8221; Flips Red as Price Fails to Surmount Low-$7,000s"},"content":{"rendered":"<p>According to a recent <a href=\"https:\/\/twitter.com\/ByzGeneral\/status\/44553217\" rel=\"nofollow\">analysis done by Byzantine General,<\/a> the SuperTrend indicator for the one-week Bitcoin chart has flipped red, meaning bearish, after a multi-month bullish period seen earlier this year.<\/p>\n<p>As the trader illustrated in the chart seen below, the last two times the SuperTrend turned red on the weekly Bitcoin chart led to 80% declines over a number of months, suggesting that something similar can happen here unless bulls step in to save the day.<\/p>\n<p>https:\/\/twitter.com\/ByzGeneral\/status\/44553217<\/p>\n<p>The fact that the SuperTrend is not bullish implies Bitcoin still has room to drop, which would give credence to theories that the bottom of the recent downturn is not yet in.<\/p>\n<p>Per <a href=\"https:\/\/www.ktsl888.com\/2019\/12\/08\/wyckoff-schematic-suggests-bitcoin-bottom-6600-analyst\/\">previous reports from NewsBTC<\/a>, prominent trader Cold Blooded Shiller notes that Bitcoin is currently in a \u201cmarkdown from distribution\u201d near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run.<\/p>\n<p>As it stands, Bitcoin at $7,100 is in the middle of the channel, seemingly in no man\u2019s land, thus not close to a bottom.<\/p>\n<blockquote class=\"svecc-content-banner-added\"><p>\u201cFrom a volume perspective, there is nothing to me that screams \u201cTHIS IS THE BOTTOM.\u201d For both markdowns and markups we typically expect to see \u201cclimactic\u201d volume,\u201d Shiller wrote, trying to accentuate that there are no concrete signs the bottom is in for the Bitcoin market.<\/p><\/blockquote>\n<p>Thus, the scenario he is expecting to play out can be seen below, which shows that the leading cryptocurrency could return into the low-$5,000s, a range that has been <a href=\"https:\/\/www.ktsl888.com\/2019\/11\/22\/wheres-ultimate-bottom-for-bitcoin-plunge-5100-analyst\/\" data-wpel-link=\"internal\">identified by other analysts as a potential macro bottom.\u00a0<\/a><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This is what I&#39;d like (and expect to see):<\/p>\n<p>Price coming out of the markdown channel (downside)<br \/>Large volume increase (creating an anomaly against prior volume)<\/p>\n<p>That brings us on to the final piece of information we can use in this set up. <a href=\"https:\/\/t.co\/6zB4TWnzk0\" rel=\"nofollow\">pic.twitter.com\/6zB4TWnzk0<\/a><\/p>\n<p>&mdash; Cold Blooded Shiller (@ColdBloodShill) <a href=\"https:\/\/twitter.com\/ColdBloodShill\/status\/20692737?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Bitcoin Macro Uptrend Intact?<\/strong><\/h2>\n<p>As a reminder, prominent industry researchers have asserted over the past weeks that Bitcoin&#8217;s macro uptrend remains decidedly intact, despite any price action that has taken place or will take place in the coming months.<\/p>\n<p>Philip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin, issued a 10-part thread last week in which he noted that<a href=\"https:\/\/www.ktsl888.com\/2019\/12\/05\/bitcoin-price-bull-market-signals-remain-strong\/\"> Bitcoin remains bullish from a macro perspective.<\/a><\/p>\n<p>He first looked to the fact that the cryptocurrency is holding near its 350-day simple moving average; this is important as the price moving and holding above this moving average \u201chas always indicated the start of Bitcoin bull markets.\u201d<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/www.ktsl888.com\/2019\/12\/05\/bitcoin-price-bart-simpson-chart-pattern\/\" data-wpel-link=\"internal\">\u00a0Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern<\/a><\/h6>\n<p>Secondly, he noted that Bitcoin\u2019s Network Momentum indicator, which tracks the movement of coins to determine the usage of the network, has begun to trend higher, bouncing off bear market levels. This is something often seen six to 10 weeks prior to the beginning of a bull market, Swift remarked.<\/p>\n<p>There&#8217;s also <a href=\"https:\/\/twitter.com\/hansthered\" rel=\"nofollow\">Hans Hauge<\/a> of Ikigai Asset Management, who said that with the halving approaching, Deutsche Bank charting an uptick in the adoption of Bitcoin, the U.S. continuing to print money, and much more, there are many reasons to be optimistic about <a href=\"https:\/\/www.ktsl888.com\/2019\/12\/06\/researcher-bitcoin-still-alive-well-price-uptrend\/\">BTC&#8217;s long-term prospects in terms of usage and price alike.\u00a0<\/a><\/p>\n<p>https:\/\/twitter.com\/hansthered\/status\/76351232<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>According to a recent analysis done by Byzantine General, the SuperTrend indicator for the one-week Bitcoin chart has flipped red, meaning bearish, after a multi-month bullish period seen earlier this year. As the trader illustrated in the chart seen below, the last two times the SuperTrend turned red on the weekly Bitcoin chart led to 80% declines over a number of months, suggesting that something similar can happen here unless bulls step in to save the day. https:\/\/twitter.com\/ByzGeneral\/status\/44553217 The fact that the SuperTrend is not bullish implies Bitcoin still has room to drop, which would give credence to theories that the bottom of the recent downturn is not yet in. Per previous reports from NewsBTC, prominent trader Cold Blooded Shiller notes that Bitcoin is currently in a \u201cmarkdown from distribution\u201d near the $13,000-$14,000 top, a markdown contained by a descending channel that has existed since the top of the recent bull run. As it stands, Bitcoin at $7,100 is in the middle of the channel, seemingly in no man\u2019s land, thus not close to a bottom. \u201cFrom a volume perspective, there is nothing to me that screams \u201cTHIS IS THE BOTTOM.\u201d For both markdowns and markups we typically expect to see \u201cclimactic\u201d volume,\u201d Shiller wrote, trying to accentuate that there are no concrete signs the bottom is in for the Bitcoin market. Thus, the scenario he is expecting to play out can be seen below, which shows that the leading cryptocurrency could return into the low-$5,000s, a range that has been identified by other analysts as a potential macro bottom.\u00a0 This is what I&#39;d like (and expect to see): Price coming out of the markdown channel (downside)Large volume increase (creating an anomaly against prior volume) That brings us on to the final piece of information we can use in this set up. pic.twitter.com\/6zB4TWnzk0 &mdash; Cold Blooded Shiller (@ColdBloodShill) December 7, 2019 Bitcoin Macro Uptrend Intact? As a reminder, prominent industry researchers have asserted over the past weeks that Bitcoin&#8217;s macro uptrend remains decidedly intact, despite any price action that has taken place or will take place in the coming months. Philip Swift, the founder of cryptocurrency analytics site LookIntoBitcoin, issued a 10-part thread last week in which he noted that Bitcoin remains bullish from a macro perspective. He first looked to the fact that the cryptocurrency is holding near its 350-day simple moving average; this is important as the price moving and holding above this moving average \u201chas always indicated the start of Bitcoin bull markets.\u201d Related Reading:\u00a0Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern Secondly, he noted that Bitcoin\u2019s Network Momentum indicator, which tracks the movement of coins to determine the usage of the network, has begun to trend higher, bouncing off bear market levels. This is something often seen six to 10 weeks prior to the beginning of a bull market, Swift remarked. There&#8217;s also Hans Hauge of Ikigai Asset Management, who said that with the halving approaching, Deutsche Bank charting an uptick in the adoption of Bitcoin, the U.S. continuing to print money, and much more, there are many reasons to be optimistic about BTC&#8217;s long-term prospects in terms of usage and price alike.\u00a0 https:\/\/twitter.com\/hansthered\/status\/76351232 Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":407362,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,64443,1558,64442],"class_list":["post-407356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-byzantine-general","tag-cryptocurrency","tag-supertrend"],"acf":[],"yoast_head":"\n<title>Bitcoin&#039;s &quot;Supertrend&quot; Flips Red as Price Fails to Surmount Low-$7,000s<\/title>\n<meta name=\"description\" content=\"According to a recent analysis done by Byzantine General, the SuperTrend indicator for the one-week Bitcoin chart has flipped red, meaning bearish, after\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ktsl888.com\/news\/bitcoin-super-trend-flips-bear-price-low-7000s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin&#039;s &quot;Supertrend&quot; Flips Red as Price Fails to Surmount Low-$7,000s\" \/>\n<meta property=\"og:description\" content=\"According to a recent analysis done by Byzantine General, the SuperTrend indicator for the one-week Bitcoin chart has flipped red, meaning bearish, after\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ktsl888.com\/news\/bitcoin-super-trend-flips-bear-price-low-7000s\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-15T20:30:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:35:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2019\/12\/shutterstock_265651118-scaled.jpg?fit=2560%2C1668\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1668\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.ktsl888.com\/news\/bitcoin-super-trend-flips-bear-price-low-7000s\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ktsl888.com\/news\/bitcoin-super-trend-flips-bear-price-low-7000s\/\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/www.ktsl888.com\/#\/schema\/person\/4c1114650d72d49c455452d2ce5c981a\"},\"headline\":\"Bitcoin&#8217;s &#8220;Supertrend&#8221; 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