{"id":397117,"date":"2019-09-25T18:00:54","date_gmt":"2019-09-25T18:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=397117"},"modified":"2019-09-25T13:41:27","modified_gmt":"2019-09-25T13:41:27","slug":"bitcoin-price-crash-may-be-final-test-before-market-goes-full-bull","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-crash-may-be-final-test-before-market-goes-full-bull\/","title":{"rendered":"Bitcoin Price Crash May Be Final Test Before Market Goes Full Bull"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">After <a href=\"https:\/\/wncen.com\/2019\/09\/13\/poll-more-than-half-of-bitcoin-investors-expect-triangle-breakout\/\">trading in a triangle formation<\/a> for the second half of 2019 thus far, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> finally broke down in a violent plunge that eliminated as much as 15% from Bitcoin\u2019s value.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While the drop has turned many bulls to bears, and sent a ripple of fear and panic throughout the market, according to one prominent crypto analyst, this may be the final test of support before Bitcoin price goes into full bull mode.<\/span><\/p>\n<h2>Bitcoin Price Two-Year Moving Average Will Confirm Bull or Bear<\/h2>\n<p class=\"p1\"><span class=\"s1\">Yesterday\u2019s drop in Bitcoin markets took the price of the crypto asset from the high $9,000 range to as low as $7,800 on some crypto exchanges. The drop caused Bitcoin price to test its 200-day moving average, where it is currently resting at support.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/23\/inverted-bitcoin-price-chart-is-bear-market-bottom-flipped-upside-down\/\">Inverted Bitcoin Price Chart Is Bear Market Bottom Flipped Upside Down\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The support line is an important one and will answer the question if Bitcoin is in a bull market or if there is a chance the bear market returns with a vengeance. Throughout the entire 2016 to 2017 bull run, Bitcoin tested the moving average a number of times but never broke below.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">3\/ *IF* we got down to that level, it would also align with a retest of the two year moving average, which I have tweeted about previously.\u00a0 This is an old chart that shows it retesting in previous cycles. <a href=\"https:\/\/t.co\/RYryOGtOYd\" rel=\"nofollow\">pic.twitter.com\/RYryOGtOYd<\/a><\/p>\n<p>&mdash; Philip Swift (@PositiveCrypto) <a href=\"https:\/\/twitter.com\/PositiveCrypto\/status\/08410369?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 25, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">If the 200DMA gives way, crypto analyst Philip Swift says that there is yet another important moving average that could be tested, and could serve as the \u201cfinal test before we go full bull.\u201d The analyst cites the two-year moving average as critical support that was only retested just once following a bottom being set, unlike the 200DMA which was repeatedly tested as support.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Swift says that the moving average aligns with the 0.618 Fibonacci retracement level \u2013 a system commonly used to predict where crashed might reverse. The analyst expects the leading crypto asset by market cap to bounce at the two-year moving average in what he suspects will be the final test before the bull run truly begins.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">He also concludes that Bitcoin is \u201cclearly\u201d in a \u201cbull market\u201d already, and shared a Bitcoin price chart with the Puell Multiple added to back up his theory of where it may be in its current bear-bull cycle.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">5\/ &#8230;because clearly we are in a bull market.\u00a0 Multiple charts including the Puell Multiple show approximately\u00a0where we are in the cycle (A,B,C on the chart).<\/p>\n<p>Feels like this is the final test before we go full bull, so hold tight everyone! \ud83d\udc4a <a href=\"https:\/\/t.co\/5oHaLsibGU\" rel=\"nofollow\">pic.twitter.com\/5oHaLsibGU<\/a><\/p>\n<p>&mdash; Philip Swift (@PositiveCrypto) <a href=\"https:\/\/twitter.com\/PositiveCrypto\/status\/09274368?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 25, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">According to the Puell Multiple, Bitcoin is likely at the first real pullback and <a href=\"https:\/\/wncen.com\/2019\/09\/23\/inverted-bitcoin-price-chart-is-bear-market-bottom-flipped-upside-down\/\">reaccummulation phase of its next bull run<\/a>. This phase is when even the most stoic of crypto holders hands are tested and potentially shaken out of their long-term positions, as fears that the bottom actually hasn\u2019t been set permeate the market.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/02\/bitcoin-price-following-2016-bull-market-reaccumulation-pattern\/\">Bitcoin Price Following 2016 Bull Market Reaccumulation Pattern<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">If this is indeed the final test before Bitcoin starts its full bull run, buying the dip would be a wise and profitable decision. But if <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> continues below its critical moving averages, the chances that the <a href=\"https:\/\/wncen.com\/2019\/09\/23\/inverted-bitcoin-price-chart-is-bear-market-bottom-flipped-upside-down\/\">bottom isn\u2019t actually in<\/a> begin to increase.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After trading in a triangle formation for the second half of 2019 thus far, Bitcoin price finally broke down in a violent plunge that eliminated as much as 15% from Bitcoin\u2019s value. While the drop has turned many bulls to bears, and sent a ripple of fear and panic throughout the market, according to one prominent crypto analyst, this may be the final test of support before Bitcoin price goes into full bull mode. Bitcoin Price Two-Year Moving Average Will Confirm Bull or Bear Yesterday\u2019s drop in Bitcoin markets took the price of the crypto asset from the high $9,000 range to as low as $7,800 on some crypto exchanges. The drop caused Bitcoin price to test its 200-day moving average, where it is currently resting at support. Related Reading | Inverted Bitcoin Price Chart Is Bear Market Bottom Flipped Upside Down\u00a0 The support line is an important one and will answer the question if Bitcoin is in a bull market or if there is a chance the bear market returns with a vengeance. Throughout the entire 2016 to 2017 bull run, Bitcoin tested the moving average a number of times but never broke below. 3\/ *IF* we got down to that level, it would also align with a retest of the two year moving average, which I have tweeted about previously.\u00a0 This is an old chart that shows it retesting in previous cycles. pic.twitter.com\/RYryOGtOYd &mdash; Philip Swift (@PositiveCrypto) September 25, 2019 If the 200DMA gives way, crypto analyst Philip Swift says that there is yet another important moving average that could be tested, and could serve as the \u201cfinal test before we go full bull.\u201d The analyst cites the two-year moving average as critical support that was only retested just once following a bottom being set, unlike the 200DMA which was repeatedly tested as support. Swift says that the moving average aligns with the 0.618 Fibonacci retracement level \u2013 a system commonly used to predict where crashed might reverse. The analyst expects the leading crypto asset by market cap to bounce at the two-year moving average in what he suspects will be the final test before the bull run truly begins. He also concludes that Bitcoin is \u201cclearly\u201d in a \u201cbull market\u201d already, and shared a Bitcoin price chart with the Puell Multiple added to back up his theory of where it may be in its current bear-bull cycle. 5\/ &#8230;because clearly we are in a bull market.\u00a0 Multiple charts including the Puell Multiple show approximately\u00a0where we are in the cycle (A,B,C on the chart). Feels like this is the final test before we go full bull, so hold tight everyone! \ud83d\udc4a pic.twitter.com\/5oHaLsibGU &mdash; Philip Swift (@PositiveCrypto) September 25, 2019 According to the Puell Multiple, Bitcoin is likely at the first real pullback and reaccummulation phase of its next bull run. This phase is when even the most stoic of crypto holders hands are tested and potentially shaken out of their long-term positions, as fears that the bottom actually hasn\u2019t been set permeate the market. Related Reading | Bitcoin Price Following 2016 Bull Market Reaccumulation Pattern If this is indeed the final test before Bitcoin starts its full bull run, buying the dip would be a wise and profitable decision. But if Bitcoin price continues below its critical moving averages, the chances that the bottom isn\u2019t actually in begin to increase. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":397122,"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":[428,679,6664,55918,55919],"class_list":["post-397117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-philip-swift","tag-puell-multiple"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Crash May Be Final Test Before Market Goes Full Bull<\/title>\n<meta name=\"description\" content=\"After trading in a triangle formation for the second half of 2019 thus far, Bitcoin price finally broke down in a violent plunge that eliminated as much\" \/>\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-crash-may-be-final-test-before-market-goes-full-bull\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Crash May Be Final Test Before Market Goes Full Bull\" \/>\n<meta property=\"og:description\" content=\"After trading in a triangle formation for the second half of 2019 thus far, Bitcoin price finally broke down in a violent plunge that eliminated as much\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-price-crash-may-be-final-test-before-market-goes-full-bull\/\" \/>\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=\"2019-09-25T18:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-25T13:41:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/bitcoin-price-crypto-shutterstock_1218988096.jpg?fit=4848%2C3492\" \/>\n\t<meta property=\"og:image:width\" content=\"4848\" \/>\n\t<meta property=\"og:image:height\" content=\"3492\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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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