{"id":414134,"date":"2020-02-10T16:00:46","date_gmt":"2020-02-10T16:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=414134"},"modified":"2020-02-10T15:31:29","modified_gmt":"2020-02-10T15:31:29","slug":"bitcoin-bull-market-failure-crypto","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-bull-market-failure-crypto\/","title":{"rendered":"Bitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom"},"content":{"rendered":"

The entire crypto space has been on fire lately, causing most investors and analysts across the market to conclude that Bitcoin<\/a> is just days away from entering its next bull market<\/a>, ready to reach new all-time high prices.<\/span><\/p>\n

But the most recent rally may now be over, and according to a year-long trendline, the latest move up may have been nothing more than a bearish retest confirming the 2019 uptrend as support now turned resistance before a shocking fall further.<\/span><\/p>\n

Is a Crypto Bull Market Back On?<\/h2>\n

Ever since the start of 2020, Bitcoin<\/a> has been rallying, bringing investors over 30% on year-to-date returns. Elsewhere across the crypto market, altcoins have also been skyrocketing<\/a>, causing a return of investor confidence in the asset class.<\/span><\/p>\n

Indicators on monthly and weekly timeframes all show signals that Bitcoin is soon entering a bull market.<\/span><\/p>\n

Related Reading | Bitcoin Just Formed a Golden Cross, Restoring Faith in A Crypto Bull Run\u00a0<\/a><\/strong><\/em><\/p>\n

And while there may be truth to that theory, a one-year-long trendline dating back to Bitcoin\u2019s bear market bottom could have just acted as a confirmation of support turned resistance<\/a>.<\/span><\/p>\n

Bitcoin in late December 2018, met its bottom at roughly $3,100. It wasn\u2019t until early February, when Bitcoin made another retest of lows, that after support held, caused the crypto asset to take off on a parabolic rally toward $14,000.<\/span><\/p>\n

But that rally topped out, and Bitcoin<\/a> entered a six-month downtrend, that many now believe to be behind us.<\/span><\/p>\n

However, the breakdown in mid-November was able to breach below the former 2019 uptrend line, before falling to current local lows around $6,400.<\/span><\/p>\n

It was those lows that acted as a launchpad for the most recent rally.<\/span><\/p>\n

But the rally may have just concluded with a retest of that year-long parabolic uptrend line, dating back almost exactly one year to the start of February.<\/span><\/p>\n

\"bitcoin<\/p>\n

Bitcoin Bearish Retest of Year-Long Trendline Could Spell Disaster Ahead<\/h2>\n

As can be seen on the price chart, the retest of the bottom support and the retest of the uptrend line as support turned resistance are precisely a year apart.<\/span><\/p>\n

The trend line acting as support turned resistance doesn\u2019t necessarily mean Bitcoin<\/a> cannot get back above it, but it does show that there\u2019s potential here to stop the current rally in its tracks.<\/span><\/p>\n

Bitcoin only broke below the important trend line after three touches, so it may require additional attempts by the leading cryptocurrency by market cap to break back above the line \u2013 if it is able to do so at all.<\/span><\/p>\n

Related Reading | Bitcoin is Setting Up For a Violent Long Squeeze, Which May Trigger New Lows<\/a><\/strong><\/em><\/p>\n

And staying below the trendline doesn\u2019t necessarily mean that Bitcoin<\/a> can\u2019t enter a new bull market, it just means that the trajectory to get there may be a little less steep and take a bit more time before it happens. But the longer and less steep the ascent, the healthier the rally will be.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The entire crypto space has been on fire lately, causing most investors and analysts across the market to conclude that Bitcoin is just days away from entering its next bull market, ready to reach new all-time high prices. But the most recent rally may now be over, and according to a year-long trendline, the latest move up may have been nothing more than a bearish retest confirming the 2019 uptrend as support now turned resistance before a shocking fall further. Is a Crypto Bull Market Back On? Ever since the start of 2020, Bitcoin has been rallying, bringing investors over 30% on year-to-date returns. Elsewhere across the crypto market, altcoins have also been skyrocketing, causing a return of investor confidence in the asset class. Indicators on monthly and weekly timeframes all show signals that Bitcoin is soon entering a bull market. Related Reading | Bitcoin Just Formed a Golden Cross, Restoring Faith in A Crypto Bull Run\u00a0 And while there may be truth to that theory, a one-year-long trendline dating back to Bitcoin\u2019s bear market bottom could have just acted as a confirmation of support turned resistance. Bitcoin in late December 2018, met its bottom at roughly $3,100. It wasn\u2019t until early February, when Bitcoin made another retest of lows, that after support held, caused the crypto asset to take off on a parabolic rally toward $14,000. But that rally topped out, and Bitcoin entered a six-month downtrend, that many now believe to be behind us. However, the breakdown in mid-November was able to breach below the former 2019 uptrend line, before falling to current local lows around $6,400. It was those lows that acted as a launchpad for the most recent rally. But the rally may have just concluded with a retest of that year-long parabolic uptrend line, dating back almost exactly one year to the start of February. Bitcoin Bearish Retest of Year-Long Trendline Could Spell Disaster Ahead As can be seen on the price chart, the retest of the bottom support and the retest of the uptrend line as support turned resistance are precisely a year apart. The trend line acting as support turned resistance doesn\u2019t necessarily mean Bitcoin cannot get back above it, but it does show that there\u2019s potential here to stop the current rally in its tracks. Bitcoin only broke below the important trend line after three touches, so it may require additional attempts by the leading cryptocurrency by market cap to break back above the line \u2013 if it is able to do so at all. Related Reading | Bitcoin is Setting Up For a Violent Long Squeeze, Which May Trigger New Lows And staying below the trendline doesn\u2019t necessarily mean that Bitcoin can\u2019t enter a new bull market, it just means that the trajectory to get there may be a little less steep and take a bit more time before it happens. But the longer and less steep the ascent, the healthier the rally will be.<\/p>\n","protected":false},"author":517,"featured_media":414137,"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":[428,12672,6664,4222],"class_list":["post-414134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bull-market","tag-crypto","tag-trendline"],"acf":[],"yoast_head":"\nBitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom<\/title>\n<meta name=\"description\" content=\"Bitcoin may have just retested a former uptrend line that could push off a crypto bull market a bit further into the future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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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. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/ktsl888.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom","url":"http:\/\/ktsl888.com\/news\/bitcoin-bull-market-failure-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-bull-market-failure-crypto\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/02\/bitcoin-bearish-retest-crypto-bull-market-bear-shutterstock_414234568.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/02\/bitcoin-bearish-retest-crypto-bull-market-bear-shutterstock_414234568.jpg?fit=1000%2C681"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bull market","crypto","trendline"],"dateCreated":"2020-02-10T16:00:46Z","datePublished":"2020-02-10T16:00:46Z","dateModified":"2020-02-10T16:00:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-bull-market-failure-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-bull-market-failure-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/bitcoin-bearish-retest-crypto-bull-market-bear-shutterstock_414234568.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/bitcoin-bearish-retest-crypto-bull-market-bear-shutterstock_414234568.jpg?fit=1000%2C681\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bull market\",\"crypto\",\"trendline\"],\"dateCreated\":\"2020-02-10T16:00:46Z\",\"datePublished\":\"2020-02-10T16:00:46Z\",\"dateModified\":\"2020-02-10T16:00:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/02\/bitcoin-bearish-retest-crypto-bull-market-bear-shutterstock_414234568.jpg?fit=1000%2C681","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/414134"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=414134"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/414134\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/414137"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=414134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=414134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=414134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}