{"id":400207,"date":"2019-10-01T18:00:36","date_gmt":"2019-10-01T18:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=400207"},"modified":"2019-10-01T18:07:00","modified_gmt":"2019-10-01T18:07:00","slug":"rejected-bitcoin-price-attempts-to-break-back-above-vital-moving-average","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/rejected-bitcoin-price-attempts-to-break-back-above-vital-moving-average\/","title":{"rendered":"Rejected? Bitcoin Price Attempts to Break Back Above Vital Moving Average"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Last week, following <a href=\"https:\/\/wncen.com\/2019\/09\/24\/did-bakkt-cause-the-10-billion-crypto-market-crush\/\">disappointment surrounding the much anticipated Bakkt launch<\/a>, Bitcoin price smashed below $10,000 and plummeted over 20% to under $8,000 before it found support in the high $7,000 range.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The move sent <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> through the 200-day moving average, with multiple daily closes below it. However, after the leading crypto asset bounced from below $8,000, it\u2019s now attempting to break back above the important moving average, but may have just been rejected from it.<\/span><\/p>\n<h2>Bitcoin Price Rejected From Vital Moving Average, Can It Close Daily Above?<\/h2>\n<p class=\"p1\"><span class=\"s1\">A battle between bulls and bears is currently taking place across the crypto market, as bulls try to reclaim Bitcoin\u2019s 200-day moving average as support. But bears may already be able to celebrate a successful defense of the important indicator, as Bitcoin price was rejected from around $8,500 where the indicator is currently sitting and appears to be heading back downward to retest recent lows.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/30\/crypto-analyst-altcoin-annihilation-responsible-for-bitcoin-breakdown\/\">Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Following yesterday\u2019s daily candle close above support \u2013 which was also the monthly candle close \u2013 Bitcoin price immediately spiked higher, but was stopped at $8,500 in a nasty rejection. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Above 200DMA now \ud83d\udc4d<br \/>Let&#39;s close the daily candle there! <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTCUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTCUSD<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/dlszxGzSnX\" rel=\"nofollow\">pic.twitter.com\/dlszxGzSnX<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/40865025?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 1, 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\">Located just below that price point, lies the 200-day moving average that once acted as support, and could now be acting as strong resistance &#8211; enough to send Bitcoin falling further into a downtrend.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">To reclaim the <a href=\"https:\/\/www.dailyfx.com\/forex\/education\/trading_tips\/daily_trading_lesson\/2019\/07\/29\/200-day-moving-average.html\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">200-day moving average<\/a> as support, Bitcoin would need a daily candle close above it. The first attempt at breaking back above the important indicator was a failure, causing the crypto asset to fall further to $7,700 where it bounced right back up to current levels.<\/span><\/p>\n<p>https:\/\/twitter.com\/walter_wyckoff\/status\/89580033?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">Currently, the daily candle is in the process of being rejected once again, and if it does indeed fail to break above, the leading crypto asset by market cap would be at risk of falling even lower, towards price targets of $7,200 or $6,800.<\/span><\/p>\n<h2>Why Is the 200-Day Moving Average Such a Big Deal For Crypto Bulls?<\/h2>\n<p class=\"p1\"><span class=\"s1\">The 200-day moving average is an important long-term trading indicator investors look at to determine the strength of an asset\u2019s trend. Bitcoin has traded above the moving average ever since it broke above it as part of the early April rally gone parabolic.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/09\/27\/bye-bye-bull-run-bitcoin-price-daily-closes-under-vital-moving-average\/\">Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The moving average is especially important for Bitcoin investors, as it acted as support for the entire 2016 and 2017 bull market. Each time Bitcoin crashed along its bull run, it fell down to the 200-day MA where it bounced right back up and continued to trend higher and higher.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This time is different, though, and <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has closed a few consecutive daily candles below the moving average, signaling that lower prices are ahead. Unless Bitcoin can reclaim the important moving average.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, following disappointment surrounding the much anticipated Bakkt launch, Bitcoin price smashed below $10,000 and plummeted over 20% to under $8,000 before it found support in the high $7,000 range. The move sent Bitcoin price through the 200-day moving average, with multiple daily closes below it. However, after the leading crypto asset bounced from below $8,000, it\u2019s now attempting to break back above the important moving average, but may have just been rejected from it. Bitcoin Price Rejected From Vital Moving Average, Can It Close Daily Above? A battle between bulls and bears is currently taking place across the crypto market, as bulls try to reclaim Bitcoin\u2019s 200-day moving average as support. But bears may already be able to celebrate a successful defense of the important indicator, as Bitcoin price was rejected from around $8,500 where the indicator is currently sitting and appears to be heading back downward to retest recent lows. Related Reading | Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown\u00a0 Following yesterday\u2019s daily candle close above support \u2013 which was also the monthly candle close \u2013 Bitcoin price immediately spiked higher, but was stopped at $8,500 in a nasty rejection. Above 200DMA now \ud83d\udc4dLet&#39;s close the daily candle there! $BTC $BTCUSD #bitcoin pic.twitter.com\/dlszxGzSnX &mdash; CryptoHamster (@CryptoHamsterIO) October 1, 2019 Located just below that price point, lies the 200-day moving average that once acted as support, and could now be acting as strong resistance &#8211; enough to send Bitcoin falling further into a downtrend. To reclaim the 200-day moving average as support, Bitcoin would need a daily candle close above it. The first attempt at breaking back above the important indicator was a failure, causing the crypto asset to fall further to $7,700 where it bounced right back up to current levels. https:\/\/twitter.com\/walter_wyckoff\/status\/89580033?s=12 Currently, the daily candle is in the process of being rejected once again, and if it does indeed fail to break above, the leading crypto asset by market cap would be at risk of falling even lower, towards price targets of $7,200 or $6,800. Why Is the 200-Day Moving Average Such a Big Deal For Crypto Bulls? The 200-day moving average is an important long-term trading indicator investors look at to determine the strength of an asset\u2019s trend. Bitcoin has traded above the moving average ever since it broke above it as part of the early April rally gone parabolic. Related Reading | Bye-Bye Bull Run: Bitcoin Price Daily Closes Under Vital Moving Average\u00a0 The moving average is especially important for Bitcoin investors, as it acted as support for the entire 2016 and 2017 bull market. Each time Bitcoin crashed along its bull run, it fell down to the 200-day MA where it bounced right back up and continued to trend higher and higher. This time is different, though, and Bitcoin price has closed a few consecutive daily candles below the moving average, signaling that lower prices are ahead. Unless Bitcoin can reclaim the important moving average.<\/p>\n","protected":false},"author":517,"featured_media":400219,"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":[24133,428,679,6664,56137,4078],"class_list":["post-400207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-200-day-moving-average","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-moving-average","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Rejected? 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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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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:\/\/wncen.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Rejected? 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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. 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