{"id":420028,"date":"2020-04-06T01:00:01","date_gmt":"2020-04-06T01:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=420028"},"modified":"2020-04-06T01:10:35","modified_gmt":"2020-04-06T01:10:35","slug":"the-crypto-market-just-put-in-a-reliable-bottom-signal-can-we-trust-it","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/the-crypto-market-just-put-in-a-reliable-bottom-signal-can-we-trust-it\/","title":{"rendered":"The Crypto Market Just Put In a &#8220;Reliable Bottom Signal&#8221;: Can We Trust It?"},"content":{"rendered":"<p>&#8220;Has the crypto market bottomed?&#8221; is the question that has been on the minds of Bitcoin traders over the past weeks; after March 12th&#8217;s capitulation event, traders have been divided over this question.<\/p>\n<p>Despite the uncertainty, Willy Woo, a prominent on-chain crypto analyst, recently weighed in on this pressing debate, writing that two fundamental metrics are suggesting the bottom has been established.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2020\/04\/05\/crypto-tidbits-bitcoin-rallies-7000-fatf-us-regulation-coinbase-ethereum-defi-again\/\" data-wpel-link=\"internal\">\u00a0Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi<\/a><\/h6>\n<h2><strong>Key Bitcoin Mining Indicator Suggests Crypto Market Bottom Is In<\/strong><\/h2>\n<p>Utilizing two indicators, the analyst explained that the way in which Bitcoin&#8217;s mining ecosystem is developing is indicating this market bottomed in March.<\/p>\n<ul>\n<li>Firstly, the Hash Ribbons \u2014 moving averages of the hash rate \u2014 have started to recover, which is a &#8220;reliable bottom signal.&#8221; The last time the Hash Ribbons looked similar to as they do now was in December 2019, at the $6,400 bottom, and in December 2018, the $3,150 bottom.<\/li>\n<li>And secondly, the Miners Energy Ratio, &#8220;the ratio between Bitcoin&#8217;s market cap to its energy consumption is in the buy zone&#8221; after briefly breaking into the &#8220;extreme buy zone&#8221; during March&#8217;s crash. The last time this ratio entered the extreme buy zone was months before the previous halving, prior to the 4,000% rally to $20,000.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A tale of 2 miner charts. <a href=\"https:\/\/twitter.com\/hashtag\/Bullish?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bullish<\/a><\/p>\n<p>Hash Ribbons recovering (assumes no lower low), a reliable bottom signal, probably some miner capitulation during the crash. They last got culled in Dec 2018, only the strong remain, I don&#39;t expect miners to add more sell pressure from here. <a href=\"https:\/\/t.co\/t0GEqKCKjv\" rel=\"nofollow\">pic.twitter.com\/t0GEqKCKjv<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/25388288?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 5, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Other Factors Are Flipping Bullish Too<\/strong><\/h2>\n<p>There are other factors suggesting the worse has passed for the crypto market.<\/p>\n<p><a href=\"https:\/\/twitter.com\/cointradernik\/status\/53477376\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener nofollow\">According to screenshots<\/a> of crypto-enabled retail brokerages based in the U.K. shared by trader Nik Patel, a majority of <a href=\"https:\/\/wncen.com\/2020\/04\/05\/traders-are-loading-up-on-bitcoin-longs-what-does-this-mean\/\">users of these platforms are leaning long on Bitcoin<\/a>. In fact, for IG.com is signaling that 78% of client accounts are long on the cryptocurrency.<\/p>\n<p>Furthermore, Coinbase Pro&#8217;s order book shows that there are\u00a0<a href=\"https:\/\/wncen.com\/2020\/04\/02\/ethereum-price-goes-vertical-hits-150-in-20-rally-factors-to-watch\/\" data-wpel-link=\"internal\">more traders bidding<\/a> the foremost crypto than selling it, with there existing nearly 24,000 BTC worth of orders down to an order price of $2,000 and a mere 4,000 BTC worth of orders up to $12,000.<\/p>\n<p>The fact that there is such booming demand for Bitcoin suggests it will be hard for sellers to push the cryptocurrency back to the $3,800 lows.<\/p>\n<p>Bloomberg suggests that technical indicators support the idea that upside is favored. Per <a href=\"https:\/\/wncen.com\/2020\/04\/04\/last-time-this-signal-flashed-crypto-rallied-by-50-its-back-again\/\">previous reports from NewsBTC<\/a>, the GTI Vera Convergence Divergence Indicator recently &#8220;flashed its first buy signal in over three months&#8221; for the Bloomberg Galaxy Crypto Index \u2014 comprised of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and EOS.<\/p>\n<p>Furthermore, the outlet on April 3rd wrote that Bitcoin has pushed above a key level of technical resistance, resulting in a technical gauge registering a &#8220;positive divergence and buy signal.&#8221; This indicator last did so in January 2020, prior to the 50% rally that brought BTC to $10,500.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Has the crypto market bottomed?&#8221; is the question that has been on the minds of Bitcoin traders over the past weeks; after March 12th&#8217;s capitulation event, traders have been divided over this question. Despite the uncertainty, Willy Woo, a prominent on-chain crypto analyst, recently weighed in on this pressing debate, writing that two fundamental metrics are suggesting the bottom has been established. Related Reading:\u00a0Crypto Tidbits: Bitcoin At $7,000, FATF Regulation, Coinbase Backs Ethereum DeFi Key Bitcoin Mining Indicator Suggests Crypto Market Bottom Is In Utilizing two indicators, the analyst explained that the way in which Bitcoin&#8217;s mining ecosystem is developing is indicating this market bottomed in March. Firstly, the Hash Ribbons \u2014 moving averages of the hash rate \u2014 have started to recover, which is a &#8220;reliable bottom signal.&#8221; The last time the Hash Ribbons looked similar to as they do now was in December 2019, at the $6,400 bottom, and in December 2018, the $3,150 bottom. And secondly, the Miners Energy Ratio, &#8220;the ratio between Bitcoin&#8217;s market cap to its energy consumption is in the buy zone&#8221; after briefly breaking into the &#8220;extreme buy zone&#8221; during March&#8217;s crash. The last time this ratio entered the extreme buy zone was months before the previous halving, prior to the 4,000% rally to $20,000. A tale of 2 miner charts. #Bullish Hash Ribbons recovering (assumes no lower low), a reliable bottom signal, probably some miner capitulation during the crash. They last got culled in Dec 2018, only the strong remain, I don&#39;t expect miners to add more sell pressure from here. pic.twitter.com\/t0GEqKCKjv &mdash; Willy Woo (@woonomic) April 5, 2020 Other Factors Are Flipping Bullish Too There are other factors suggesting the worse has passed for the crypto market. According to screenshots of crypto-enabled retail brokerages based in the U.K. shared by trader Nik Patel, a majority of users of these platforms are leaning long on Bitcoin. In fact, for IG.com is signaling that 78% of client accounts are long on the cryptocurrency. Furthermore, Coinbase Pro&#8217;s order book shows that there are\u00a0more traders bidding the foremost crypto than selling it, with there existing nearly 24,000 BTC worth of orders down to an order price of $2,000 and a mere 4,000 BTC worth of orders up to $12,000. The fact that there is such booming demand for Bitcoin suggests it will be hard for sellers to push the cryptocurrency back to the $3,800 lows. Bloomberg suggests that technical indicators support the idea that upside is favored. Per previous reports from NewsBTC, the GTI Vera Convergence Divergence Indicator recently &#8220;flashed its first buy signal in over three months&#8221; for the Bloomberg Galaxy Crypto Index \u2014 comprised of Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and EOS. Furthermore, the outlet on April 3rd wrote that Bitcoin has pushed above a key level of technical resistance, resulting in a technical gauge registering a &#8220;positive divergence and buy signal.&#8221; This indicator last did so in January 2020, prior to the 50% rally that brought BTC to $10,500. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":419956,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[679,1155,6664,14602],"class_list":["post-420028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-bullish","tag-crypto","tag-willy-woo"],"acf":[],"yoast_head":"\n<title>The Crypto Market Just Put In a &quot;Reliable Bottom Signal&quot;: Can We Trust It?<\/title>\n<meta name=\"description\" content=\"&quot;Has the crypto market bottomed?&quot; is the question that has been on the minds of Bitcoin traders over the past weeks; after March 12th&#039;s capitulation\" \/>\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\/the-crypto-market-just-put-in-a-reliable-bottom-signal-can-we-trust-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Crypto Market Just Put In a &quot;Reliable Bottom Signal&quot;: Can We Trust It?\" \/>\n<meta property=\"og:description\" content=\"&quot;Has the crypto market bottomed?&quot; 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