{"id":404342,"date":"2019-11-14T18:00:15","date_gmt":"2019-11-14T18:00:15","guid":{"rendered":"https:\/\/wncen.com\/?p=404342"},"modified":"2019-11-14T17:00:29","modified_gmt":"2019-11-14T17:00:29","slug":"50dma-bitcoin-price-facing-dangerous-retest-of-moving-average","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/50dma-bitcoin-price-facing-dangerous-retest-of-moving-average\/","title":{"rendered":"50DMA: Bitcoin Price Facing Dangerous Retest Of Moving Average"},"content":{"rendered":"<p>The leading crypto asset by market cap, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, has had a confusing year thus far. The cryptocurrency started the year at extreme lows but later exploded back up 350% to $14,000, before falling nearly 50% down to $7,300.<\/p>\n<p>The asset&#8217;s third-largest 24-hour gain brought the crypto asset back through the 200-day and 50-day moving average, but was rejected above $10,000 and is once again in free-fall mode. The drop has taken Bitcoin back down to the 50DMA, where the asset is currently retesting it as support \u2013 something that one crypto analyst says is very dangerous.<\/p>\n<h2>Bitcoin Price At An Impasse: Bull or Bear Market Soon To Be Decided<\/h2>\n<p><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is at a critical junction, and is either correcting from a strong rally before going on a full bull run or is about to enter the next phase of the bear market. The days ahead will determine the trend for the coming months, as the asset inches closer to its halving.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/09\/bitcoin-price-reclaiming-important-moving-average-could-lead-to-retest-of-highs\/\">Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs\u00a0<\/a><\/strong><\/em><\/p>\n<p>The price action has been difficult to gauge which side the market is leaning \u2013 bullish or bearish. A breakdown from a massive, multi-month symmetrical triangle turned the market bearish, but a powerful news-driven rally following Chinese President Xi Jinping&#8217;s nod of support for blockchain technology caused the asset&#8217;s price to surge, causing an epic short squeeze and setting a record for the asset&#8217;s third largest one day gain.<\/p>\n<p>The explosive move took Bitcoin back above the 200-day moving average, as well as the 50-day moving average \u2013 two moving averages that recently death crossed.<\/p>\n<p>But that powerful spike may have only been a bearish retest of former support turned resistance, and Bitcoin is once again falling, breaking back below the 200DMA, and is now facing a &#8220;dangerous&#8221; retest of the <a href=\"https:\/\/investinganswers.com\/dictionary\/5\/50-day-moving-average\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">50DMA<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">50DMA: <br \/>bitcoin has been above it during the whole rally, <br \/>went below it when crashed and then above soon.<br \/>Now it is testing it again and again. Dangerous.  <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\/La4XNGEUvH\" rel=\"nofollow\">pic.twitter.com\/La4XNGEUvH<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/00756226?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 14, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Danger: 50-Day Moving Average Must Hold as Support<\/h2>\n<p>According to a chart shared by one crypto analyst, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> was above the 50DMA throughout the entire 2019 rally, until it began to correct, and the asset fell below \u2013 but traded closely to it. It wasn&#8217;t until September when Bakkt launched to much disappointment, where a sell the news event drove the price of Bitcoin down to the low $8,000 range.<\/p>\n<p>Bitcoin is now back in the $8,000 range, where it is retesting the 50DMA as support. If it fails to hold as support and breaks down below it, it could be a long time before the first-ever cryptocurrency resumes its uptrend and gets back above it and the other critical moving average, <a href=\"https:\/\/wncen.com\/2019\/09\/27\/bye-bye-bull-run-bitcoin-price-daily-closes-under-vital-moving-average\/\">the 200DMA<\/a>.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/05\/crypto-market-death-cross-inches-closer-will-the-bear-market-return\/\">Crypto Market Death Cross Inches Closer, Will The Bear Market Return?<\/a><\/strong><\/em><\/p>\n<p>In October, the two moving averages crossed one another, forming what&#8217;s called a death cross, signaling to investors and traders that the crypto-asset would likely see continued downside. Analysts argue that the China news-driven rally was really just coincidental timing of a whale taking advantage of an overly bearish market, and causing a violent short squeeze.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading crypto asset by market cap, Bitcoin, has had a confusing year thus far. The cryptocurrency started the year at extreme lows but later exploded back up 350% to $14,000, before falling nearly 50% down to $7,300. The asset&#8217;s third-largest 24-hour gain brought the crypto asset back through the 200-day and 50-day moving average, but was rejected above $10,000 and is once again in free-fall mode. The drop has taken Bitcoin back down to the 50DMA, where the asset is currently retesting it as support \u2013 something that one crypto analyst says is very dangerous. Bitcoin Price At An Impasse: Bull or Bear Market Soon To Be Decided Bitcoin is at a critical junction, and is either correcting from a strong rally before going on a full bull run or is about to enter the next phase of the bear market. The days ahead will determine the trend for the coming months, as the asset inches closer to its halving. Related Reading | Bitcoin Price: Reclaiming Important Moving Average Could Lead to Retest of Highs\u00a0 The price action has been difficult to gauge which side the market is leaning \u2013 bullish or bearish. A breakdown from a massive, multi-month symmetrical triangle turned the market bearish, but a powerful news-driven rally following Chinese President Xi Jinping&#8217;s nod of support for blockchain technology caused the asset&#8217;s price to surge, causing an epic short squeeze and setting a record for the asset&#8217;s third largest one day gain. The explosive move took Bitcoin back above the 200-day moving average, as well as the 50-day moving average \u2013 two moving averages that recently death crossed. But that powerful spike may have only been a bearish retest of former support turned resistance, and Bitcoin is once again falling, breaking back below the 200DMA, and is now facing a &#8220;dangerous&#8221; retest of the 50DMA. 50DMA: bitcoin has been above it during the whole rally, went below it when crashed and then above soon.Now it is testing it again and again. Dangerous. $BTC $BTCUSD #bitcoin pic.twitter.com\/La4XNGEUvH &mdash; CryptoHamster (@CryptoHamsterIO) November 14, 2019 Danger: 50-Day Moving Average Must Hold as Support According to a chart shared by one crypto analyst, Bitcoin was above the 50DMA throughout the entire 2019 rally, until it began to correct, and the asset fell below \u2013 but traded closely to it. It wasn&#8217;t until September when Bakkt launched to much disappointment, where a sell the news event drove the price of Bitcoin down to the low $8,000 range. Bitcoin is now back in the $8,000 range, where it is retesting the 50DMA as support. If it fails to hold as support and breaks down below it, it could be a long time before the first-ever cryptocurrency resumes its uptrend and gets back above it and the other critical moving average, the 200DMA. Related Reading | Crypto Market Death Cross Inches Closer, Will The Bear Market Return? In October, the two moving averages crossed one another, forming what&#8217;s called a death cross, signaling to investors and traders that the crypto-asset would likely see continued downside. Analysts argue that the China news-driven rally was really just coincidental timing of a whale taking advantage of an overly bearish market, and causing a violent short squeeze.<\/p>\n","protected":false},"author":517,"featured_media":404348,"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":[24133,61098,428,6664,13574],"class_list":["post-404342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-200-day-moving-average","tag-50-day-moving-average","tag-bitcoin","tag-crypto","tag-death-cross"],"acf":[],"yoast_head":"\n<title>50DMA: Bitcoin Price Facing Dangerous Retest Of Moving Average<\/title>\n<meta name=\"description\" content=\"The leading crypto asset by market cap, Bitcoin, has had a confusing year thus far. 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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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