{"id":397245,"date":"2019-09-26T21:00:08","date_gmt":"2019-09-26T21:00:08","guid":{"rendered":"https:\/\/wncen.com\/?p=397245"},"modified":"2019-09-26T19:17:12","modified_gmt":"2019-09-26T19:17:12","slug":"potential-bull-signal-on-bitcoin-price-chart-hints-at-coming-rebound","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/potential-bull-signal-on-bitcoin-price-chart-hints-at-coming-rebound\/","title":{"rendered":"Potential Bull Signal on Bitcoin Price Chart Hints at Coming Rebound"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> is once again falling, and already there are extremely bearish price targets ranging from former bear market support at $6,000, <a href=\"https:\/\/wncen.com\/2019\/09\/26\/crypto-analyst-under-5000-bitcoin-now-a-possibility\/\">to under $5,000<\/a>, to a double bottom, and potentially all the way down at $1,000 per BTC.<\/p>\n<p>When the market gets this exuberant, it&#8217;s often the time for reversal, much like the calls for $10o,000 Bitcoin at the recent rally top were commonplace. One crypto analyst believes a bounce could be coming sooner than expected if a massive hidden bullish divergence on Bitcoin price charts plays out in the days ahead.<\/p>\n<h2>Bitcoin Price: Hidden Bullish Divergence Could Signal a Return to Bull<\/h2>\n<p>With Bitcoin price recently consolidating within a symmetrical or descending triangle, a break in either direction was certain to happen. However, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> crashed despite most of the market expecting Bitcoin to break upward and continue on its bull trend into a full-blown bull run.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/26\/crypto-analyst-under-5000-bitcoin-now-a-possibility\/\">Crypto Analyst: Under $5,000 Bitcoin Now A Possibility<\/a><\/strong><\/em><\/p>\n<p>While it&#8217;s caused even the most bullish crypto analyst to turn bearish and call for downside targets at <a href=\"https:\/\/wncen.com\/2019\/09\/26\/crypto-analyst-under-5000-bitcoin-now-a-possibility\/\">outrageous lows<\/a>, one crypto analyst that was bullish before the breakdown remains confident and has even spotted an extremely bullish signal on Bitcoin price charts that could indicate a rebound is coming soon.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> Weekly<\/p>\n<p>$7,440 is an important level for me. Key support, and any price action above this would result in significant hidden bullish divergence with RSI on this time frame. Will be watching this area if we continue down. <a href=\"https:\/\/t.co\/zn9SS8qPwz\" rel=\"nofollow\">pic.twitter.com\/zn9SS8qPwz<\/a><\/p>\n<p>&mdash; The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/90153217?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>DJ, producer, and crypto analyst <a href=\"https:\/\/t.co\/kA4wrKXAT2?amp=1\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Scott Melker<\/a>, who goes by the name &#8220;The Wolf of All Streets&#8221; has spotted a massive <a href=\"https:\/\/www.babypips.com\/learn\/forex\/hidden-divergence\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">hidden bullish divergence<\/a>, or bull div, on Bitcoin price charts.<\/p>\n<p>Melker has spotted not one but two potential hidden bullish divergences that could be signaling that a massive upward movement is incoming. Interestingly, Bitcoin price is resting on the 50 EMA, according to the analyst, and it could provide the support needed for the leading crypto asset by market cap to bounce from here, and rally higher \u2013 potentially back into the triangle.<\/p>\n<p>He also claims that $7,440 is an &#8220;important price level&#8221; coinciding with one of the last rallies during the 2018 bear market before the big drop in November of that year.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> Weekly <\/p>\n<p>Price is currently sitting on the 50 EMA on the weekly chart. Price has been above this line since April, on the break up from the low 5ks. <a href=\"https:\/\/t.co\/OrpREBtCAb\" rel=\"nofollow\">pic.twitter.com\/OrpREBtCAb<\/a><\/p>\n<p>&mdash; The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/96337408?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The only way these signals and historic support levels would be invalidated would be due to a significant drop further. But with Bitcoin price already plummeting over 20% this week, a relief rally is likely due before any continuation to the downside.<\/p>\n<p>However, if Melker&#8217;s calls are accurate, any relief rally could be sustained into a return to the bull market, but it will take buyers stepping in in a big way to stop the distribution that is currently occurring.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/25\/bitcoin-price-crash-may-be-final-test-before-market-goes-full-bull\/\">Bitcoin Price Crash May Be Final Test Before Market Goes Full Bull\u00a0<\/a><\/strong><\/em><\/p>\n<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> rose as much as over 300% this year so far, meaning there are still many crypto traders in profit who could be looking to sell or close in the profit that is left. The further Bitcoin falls, more long positions that thought they were safe could also be stopped out, causing a cascading effect or a &#8220;long squeeze.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is once again falling, and already there are extremely bearish price targets ranging from former bear market support at $6,000, to under $5,000, to a double bottom, and potentially all the way down at $1,000 per BTC. When the market gets this exuberant, it&#8217;s often the time for reversal, much like the calls for $10o,000 Bitcoin at the recent rally top were commonplace. One crypto analyst believes a bounce could be coming sooner than expected if a massive hidden bullish divergence on Bitcoin price charts plays out in the days ahead. Bitcoin Price: Hidden Bullish Divergence Could Signal a Return to Bull With Bitcoin price recently consolidating within a symmetrical or descending triangle, a break in either direction was certain to happen. However, Bitcoin price crashed despite most of the market expecting Bitcoin to break upward and continue on its bull trend into a full-blown bull run. Related Reading | Crypto Analyst: Under $5,000 Bitcoin Now A Possibility While it&#8217;s caused even the most bullish crypto analyst to turn bearish and call for downside targets at outrageous lows, one crypto analyst that was bullish before the breakdown remains confident and has even spotted an extremely bullish signal on Bitcoin price charts that could indicate a rebound is coming soon. $BTC Weekly $7,440 is an important level for me. Key support, and any price action above this would result in significant hidden bullish divergence with RSI on this time frame. Will be watching this area if we continue down. pic.twitter.com\/zn9SS8qPwz &mdash; The Wolf Of All Streets (@scottmelker) September 26, 2019 DJ, producer, and crypto analyst Scott Melker, who goes by the name &#8220;The Wolf of All Streets&#8221; has spotted a massive hidden bullish divergence, or bull div, on Bitcoin price charts. Melker has spotted not one but two potential hidden bullish divergences that could be signaling that a massive upward movement is incoming. Interestingly, Bitcoin price is resting on the 50 EMA, according to the analyst, and it could provide the support needed for the leading crypto asset by market cap to bounce from here, and rally higher \u2013 potentially back into the triangle. He also claims that $7,440 is an &#8220;important price level&#8221; coinciding with one of the last rallies during the 2018 bear market before the big drop in November of that year. $BTC Weekly Price is currently sitting on the 50 EMA on the weekly chart. Price has been above this line since April, on the break up from the low 5ks. pic.twitter.com\/OrpREBtCAb &mdash; The Wolf Of All Streets (@scottmelker) September 26, 2019 The only way these signals and historic support levels would be invalidated would be due to a significant drop further. But with Bitcoin price already plummeting over 20% this week, a relief rally is likely due before any continuation to the downside. However, if Melker&#8217;s calls are accurate, any relief rally could be sustained into a return to the bull market, but it will take buyers stepping in in a big way to stop the distribution that is currently occurring. Related Reading | Bitcoin Price Crash May Be Final Test Before Market Goes Full Bull\u00a0 Bitcoin price rose as much as over 300% this year so far, meaning there are still many crypto traders in profit who could be looking to sell or close in the profit that is left. The further Bitcoin falls, more long positions that thought they were safe could also be stopped out, causing a cascading effect or a &#8220;long squeeze.&#8221;<\/p>\n","protected":false},"author":517,"featured_media":397248,"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":[428,679,6664,55586,56025],"class_list":["post-397245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-scott-melker","tag-the-wolf-of-all-streets"],"acf":[],"yoast_head":"\n<title>Potential Bull Signal on Bitcoin Price Chart Hints at Coming Rebound<\/title>\n<meta name=\"description\" content=\"Bitcoin price is once again falling, and already there are extremely bearish price targets ranging from former bear market support at $6,000, to under\" \/>\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\/potential-bull-signal-on-bitcoin-price-chart-hints-at-coming-rebound\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Potential Bull Signal on Bitcoin Price Chart Hints at Coming Rebound\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price is once again falling, and already there are extremely bearish price targets ranging from former bear market support at $6,000, to under\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/potential-bull-signal-on-bitcoin-price-chart-hints-at-coming-rebound\/\" \/>\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=\"2019-09-26T21:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-26T19:17:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/bitcoin-price-hidden-bullish-divergence-shutterstock_1397700872-860x654.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"654\" \/>\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. 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