{"id":394102,"date":"2019-08-23T21:00:28","date_gmt":"2019-08-23T21:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=394102"},"modified":"2019-08-23T17:26:22","modified_gmt":"2019-08-23T17:26:22","slug":"bitcoin-price-could-test-bottom-of-weekly-range-macd-turning-bear","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-could-test-bottom-of-weekly-range-macd-turning-bear\/","title":{"rendered":"Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has struggled to regain the same powerful bullish momentum it had starting in April through July, but crypto bulls also haven\u2019t given up the fight and have managed to keep Bitcoin price from falling far below $10,000.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But that fall deep below $10,000 may be coming sooner than expected if the weekly MACD turning down is any indication of the trend change to come. If $10,000 breaks, one crypto analyst says that Bitcoin may fall below the median range toward the lower trading range, which as a bottom $6,000.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Former Bitcoin Price Broken Bottom at $6K To Act As Bottom of Trading Range<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has taken so many trips to test support at $6,000, it\u2019s difficult to imagine doing it again, and potentially again and again after that.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Throughout the 2018 bear market, $6,000 acted as seemingly unbreakable support after each gradually decreasing peak was rejected. Eventually, in November 2018, $6,000 gave way, and Bitcoin price fell to its eventual bear market bottom at $3,200.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/21\/bears-in-charge-as-bitcoin-price-at-risk-of-november-2018-style-dump\/\">Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">On the way back up, $6,000 was expected to act as impossible resistance to beat, but instead Bitcoin price cut through it like a hot knife through butter. Now, the leading crypto asset by market cap may make another trip downward to test $6,000 as support once again, and <a href=\"\/tag\/crypto\" rel=\"nofollow\">crypto<\/a> investors will be hoping and praying that it holds up better than the last time it was tested as support.<\/span><\/p>\n<p>https:\/\/twitter.com\/traderx0x0\/status\/04791810?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">According to TraderXO, a prominent crypto analyst, the weekly MACD is turning downward for the first time since Bitcoin peaked at $20,000. The <a href=\"https:\/\/www.investopedia.com\/terms\/m\/macd.asp\" rel=\"nofollow\">MACD is an indicator<\/a> that can help predict trend changes by gauging the buying or selling momentum.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Momentum is clearly pointing down, and will likely drag Bitcoin price down below the upper portion of the greater trading range from between $10,000 and $14,000, to the lower half of the trading range from $6,000 to $10,000. This suggests that Bitcoin could be in a larger trading range between $6,000 and $14,000 for the foreseeable future until support or resistance gives in either direction.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/21\/bitcoin-could-follow-gold-fractal-with-44-drop-to-under-7000\/\">Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The crypto market fear and greed index is currently at among the lowest its ever been historically, yet <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has barely corrected. A fall to $6,000 will likely break out investors who believed that the bottom of Bitcoin was already in, and given how $6,000 failed the last time around, most will not find much comfort or confidence in it holding once again.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, other crypto analysts believe that first-ever crypto asset has embarked on its bull run, and a correction of that magnitude simply will not play out. But the weekly MACD says otherwise. Only time will tell if Bitcoin does correct further, or blows bears away with another parabolic rally.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has struggled to regain the same powerful bullish momentum it had starting in April through July, but crypto bulls also haven\u2019t given up the fight and have managed to keep Bitcoin price from falling far below $10,000. But that fall deep below $10,000 may be coming sooner than expected if the weekly MACD turning down is any indication of the trend change to come. If $10,000 breaks, one crypto analyst says that Bitcoin may fall below the median range toward the lower trading range, which as a bottom $6,000. Former Bitcoin Price Broken Bottom at $6K To Act As Bottom of Trading Range Bitcoin price has taken so many trips to test support at $6,000, it\u2019s difficult to imagine doing it again, and potentially again and again after that. Throughout the 2018 bear market, $6,000 acted as seemingly unbreakable support after each gradually decreasing peak was rejected. Eventually, in November 2018, $6,000 gave way, and Bitcoin price fell to its eventual bear market bottom at $3,200. Related Reading | Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump\u00a0 On the way back up, $6,000 was expected to act as impossible resistance to beat, but instead Bitcoin price cut through it like a hot knife through butter. Now, the leading crypto asset by market cap may make another trip downward to test $6,000 as support once again, and crypto investors will be hoping and praying that it holds up better than the last time it was tested as support. https:\/\/twitter.com\/traderx0x0\/status\/04791810?s=12 According to TraderXO, a prominent crypto analyst, the weekly MACD is turning downward for the first time since Bitcoin peaked at $20,000. The MACD is an indicator that can help predict trend changes by gauging the buying or selling momentum. Momentum is clearly pointing down, and will likely drag Bitcoin price down below the upper portion of the greater trading range from between $10,000 and $14,000, to the lower half of the trading range from $6,000 to $10,000. This suggests that Bitcoin could be in a larger trading range between $6,000 and $14,000 for the foreseeable future until support or resistance gives in either direction. Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000\u00a0 The crypto market fear and greed index is currently at among the lowest its ever been historically, yet Bitcoin price has barely corrected. A fall to $6,000 will likely break out investors who believed that the bottom of Bitcoin was already in, and given how $6,000 failed the last time around, most will not find much comfort or confidence in it holding once again. However, other crypto analysts believe that first-ever crypto asset has embarked on its bull run, and a correction of that magnitude simply will not play out. But the weekly MACD says otherwise. Only time will tell if Bitcoin does correct further, or blows bears away with another parabolic rally.<\/p>\n","protected":false},"author":517,"featured_media":394107,"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":[428,679,6664,2849,4078],"class_list":["post-394102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-macd","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear<\/title>\n<meta name=\"description\" content=\"Bitcoin price has struggled to regain the same powerful bullish momentum it had starting in April through July, but crypto bulls also haven\u2019t given up the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-price-could-test-bottom-of-weekly-range-macd-turning-bear\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price has struggled to regain the same powerful bullish momentum it had starting in April through July, but crypto bulls also haven\u2019t given up the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-could-test-bottom-of-weekly-range-macd-turning-bear\/\" \/>\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=\"2019-08-23T21:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-23T17:26:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-weekly-macd-shutterstock_1373279624.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"5000\" \/>\n\t<meta property=\"og:image:height\" content=\"3214\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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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. 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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. 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