{"id":408940,"date":"2019-12-27T00:51:46","date_gmt":"2019-12-27T00:51:46","guid":{"rendered":"https:\/\/wncen.com\/?p=408940"},"modified":"2024-06-11T13:35:51","modified_gmt":"2024-06-11T13:35:51","slug":"current-bitcoin-trend-looks-hopeless-according-to-centuries-old-charting-tool","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/current-bitcoin-trend-looks-hopeless-according-to-centuries-old-charting-tool\/","title":{"rendered":"Current Bitcoin Trend Looks Hopeless According To Centuries-Old Charting Tool"},"content":{"rendered":"<p>The leading cryptocurrency by market cap, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, has found itself trading at prices roughly 50% of the high it set earlier this year.<\/p>\n<p>The current downtrend appears to look \u201chopeless\u201d according to one crypto trader\u2019s read on a specific, centuries-old, Japanese technical analysis technique called Heikin-Ashi.<\/p>\n<h2>Crypto Analyst: Bitcoin Price Trend Looks Hopeless<\/h2>\n<p>As 2019 comes to a close, the price of the first-ever crypto asset continues to fall from highs it set over the summer \u2013 local highs that failed to set a new all-time peak price. The ongoing downtrend has been in full effect for months now and is clearly reflected when using Heikin-Ashi instead of traditional Japanese candlesticks for technical analysis.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/23\/past-performance-shows-bitcoin-historic-high-could-serve-as-true-bear-market-bottom\/\">Past Performance Shows Bitcoin Historic High Could Serve As True Bear Market Bottom\u00a0<\/a><\/strong><\/em><\/p>\n<p>According to a crypto analyst that\u2019s shared a long-term <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> chart using the alternative analysis method, the current downtrend is looking \u201chopeless,\u201d on monthly timeframes.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Monthly Heikin-Ashi looks hopeless.<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\/ZVxWS3wqjA\" rel=\"nofollow\">pic.twitter.com\/ZVxWS3wqjA<\/a><\/p>\n<p>&mdash; CryptoHamster (@CryptoHamsterIO) <a href=\"https:\/\/twitter.com\/CryptoHamsterIO\/status\/93682688?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 27, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the monthly Heikin-Ashi chart, Bitcoin\u2019s last bear market downtrend came to a halt at the start of 2019, when candles finally turned green once again and price began to rise.<\/p>\n<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> eventually went parabolic, forming an \u201cecho bubble\u201d as it&#8217;s been dubbed by economists \u2013 essentially a miniature replica version of the 2017 crypto hype bubble that caused Bitcoin to soar to $20,000.<\/p>\n<p>But this time around, Bitcoin failed to set a new high and was rejected at $14,000, sending the cryptocurrency back into a downtrend as is reflected by Heikin-Ashi candles once again turning red and staying that way for an extended period of time.<\/p>\n<h2>What is Heiki-Ashi And Why Does It Matter?<\/h2>\n<p>Heikin-Ashi was developed by rice merchant turned trader Munehisa Homma \u2013 considered to be <a href=\"https:\/\/en.wikipedia.org\/wiki\/Homma_Munehisa\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">the father of candlestick charting<\/a> \u2013 in the 1700s to use average price data versus typical open, high, low, and close data used in regular candlestick charting. The goal with the unique chart tool is to filter out market noise and better focus on the trend underway and avoid getting chopped up in sideways trending markets.<\/p>\n<p>When viewing the analyst\u2019s chart, after Bitcoin Heikin-Ashi candles turned red at the start of 2018, the trend stayed that way for an entire year, for 14-consecutive red monthly candles closes in a row before a glimmer of hope arrived in the form of a green candle.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/23\/bitcoin-expect-a-final-1000-plunge\/\">Bitcoin Price Will Drop $1,000 Before Seeing Real Bottom: Here\u2019s Why\u00a0<\/a><\/strong><\/em><\/p>\n<p>A short-lived parabolic uptrend and possible bear market rally caused a break in the red for a five-month period, but <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is back to red and already working toward four-consecutive red monthly candle closes in a row once again.<\/p>\n<p>With or without Heikin-Ashi, it\u2019s obvious Bitcoin is once again in a downtrend, but according to the tool, things could be more hopeless for the leading cryptocurrency by market cap than it appears at the surface.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading cryptocurrency by market cap, Bitcoin, has found itself trading at prices roughly 50% of the high it set earlier this year. The current downtrend appears to look \u201chopeless\u201d according to one crypto trader\u2019s read on a specific, centuries-old, Japanese technical analysis technique called Heikin-Ashi. Crypto Analyst: Bitcoin Price Trend Looks Hopeless As 2019 comes to a close, the price of the first-ever crypto asset continues to fall from highs it set over the summer \u2013 local highs that failed to set a new all-time peak price. The ongoing downtrend has been in full effect for months now and is clearly reflected when using Heikin-Ashi instead of traditional Japanese candlesticks for technical analysis. Related Reading | Past Performance Shows Bitcoin Historic High Could Serve As True Bear Market Bottom\u00a0 According to a crypto analyst that\u2019s shared a long-term Bitcoin chart using the alternative analysis method, the current downtrend is looking \u201chopeless,\u201d on monthly timeframes. Monthly Heikin-Ashi looks hopeless.$BTC $BTCUSD #bitcoin pic.twitter.com\/ZVxWS3wqjA &mdash; CryptoHamster (@CryptoHamsterIO) December 27, 2019 On the monthly Heikin-Ashi chart, Bitcoin\u2019s last bear market downtrend came to a halt at the start of 2019, when candles finally turned green once again and price began to rise. Bitcoin price eventually went parabolic, forming an \u201cecho bubble\u201d as it&#8217;s been dubbed by economists \u2013 essentially a miniature replica version of the 2017 crypto hype bubble that caused Bitcoin to soar to $20,000. But this time around, Bitcoin failed to set a new high and was rejected at $14,000, sending the cryptocurrency back into a downtrend as is reflected by Heikin-Ashi candles once again turning red and staying that way for an extended period of time. What is Heiki-Ashi And Why Does It Matter? Heikin-Ashi was developed by rice merchant turned trader Munehisa Homma \u2013 considered to be the father of candlestick charting \u2013 in the 1700s to use average price data versus typical open, high, low, and close data used in regular candlestick charting. The goal with the unique chart tool is to filter out market noise and better focus on the trend underway and avoid getting chopped up in sideways trending markets. When viewing the analyst\u2019s chart, after Bitcoin Heikin-Ashi candles turned red at the start of 2018, the trend stayed that way for an entire year, for 14-consecutive red monthly candles closes in a row before a glimmer of hope arrived in the form of a green candle. Related Reading | Bitcoin Price Will Drop $1,000 Before Seeing Real Bottom: Here\u2019s Why\u00a0 A short-lived parabolic uptrend and possible bear market rally caused a break in the red for a five-month period, but Bitcoin is back to red and already working toward four-consecutive red monthly candle closes in a row once again. With or without Heikin-Ashi, it\u2019s obvious Bitcoin is once again in a downtrend, but according to the tool, things could be more hopeless for the leading cryptocurrency by market cap than it appears at the surface.<\/p>\n","protected":false},"author":517,"featured_media":408941,"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":[428,45314,6664,66007],"class_list":["post-408940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-candlesticks","tag-crypto","tag-heikin-ashi"],"acf":[],"yoast_head":"\n<title>Current Bitcoin Trend Looks Hopeless According To Centuries-Old Charting Tool<\/title>\n<meta name=\"description\" content=\"The leading cryptocurrency by market cap, Bitcoin, has found itself trading at prices roughly 50% of the high it set earlier this year. 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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. 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":"Current Bitcoin Trend Looks Hopeless According To Centuries-Old Charting Tool","description":"The leading cryptocurrency by market cap, Bitcoin, has found itself trading at prices roughly 50% of the high it set earlier this year. 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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. 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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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