{"id":571056,"date":"2024-01-23T16:51:34","date_gmt":"2024-01-23T16:51:34","guid":{"rendered":"https:\/\/wncen.com\/?p=571056"},"modified":"2024-06-11T07:02:40","modified_gmt":"2024-06-11T07:02:40","slug":"bearish-sell-signal-triggers-as-bitcoin-falls-below-39000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bearish-sell-signal-triggers-as-bitcoin-falls-below-39000\/","title":{"rendered":"Bearish Sell Signal Triggers As Bitcoin Falls Below $39,000"},"content":{"rendered":"

Bitcoin price is struggling to stay above $39,000 per coin and as it sinks lower, an ominous bearish technical signal is triggering.<\/p>\n

Bitcoin Selloff Prompts Possible Change In Momentum<\/h2>\n

Selling pressure driven by FTX\u2019s estate dumping nearly $1 billion in Grayscale GBTC shares caused Bitcoin price to lose the $39,000 level today, currently trading around $38,900 at the time of this writing.<\/p>\n

The selloff hasn\u2019t fallen deep enough for a convincing breakdown of the key psychological level, however, a bearish crossover of a momentum technical tool could trigger additional downward price action.<\/p>\n

Related Reading: Bitcoin Gives Early Top Warning Signal, But Price Could Double First<\/a><\/div>\n

The recent drop has caused the weekly LMACD to cross bearish. A bearish crossover is a sell signal that warns of a change in medium-term momentum.<\/p>\n

\"BTCUSD_2024-01-23_11-32-27\"<\/p>\n

Is BTC poised to double soon? | BTCUSD on TradingView.com<\/a><\/pre>\n
Will The LMACD Confirm The Bearish Crossover?<\/h2>\n
The bearish crossover on the weekly LMACD isn’t confirmed until the weekly candlestick closes. The LMACD is the logarithmic version of the MACD indicator \u2013 which stands for Moving Average Convergence Divergence.<\/p>\n
When the tool’s lines converge and cross, it produces a signal to take action. However, if the crossover doesn’t confirm and the two lines diverge instead, it tells a trader to stay in a position. In this case, Bitcoin would stay in the buy position until a bearish crossover appears later down the line.<\/p>\n
Related Reading: Bitcoin Enters Uncharted Territory with First Ever Golden Cross<\/a><\/div>\n
Such bearish crossovers have the potential to stop a bull rally in its tracks. The LMACD crossed bearish around the 2018 peak, the 2019 rally, and at both 2021 double tops. It is worth noting, however, that BTCUSD crossed bearish in 2023, and in late 2020, but ultimately crossed back bullish and resumed a bull run. Another such scenario is possible, so even if the technical indicator crosses bearish, it doesn’t necessarily mean the end of upside for Bitcoin.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to stay above $39,000 per coin and as it sinks lower, an ominous bearish technical signal is triggering. Bitcoin Selloff Prompts Possible Change In Momentum Selling pressure driven by FTX\u2019s estate dumping nearly $1 billion in Grayscale GBTC shares caused Bitcoin price to lose the $39,000 level today, currently trading around $38,900 at the time of this writing. The selloff hasn\u2019t fallen deep enough for a convincing breakdown of the key psychological level, however, a bearish crossover of a momentum technical tool could trigger additional downward price action. Related Reading: Bitcoin Gives Early Top Warning Signal, But Price Could Double First The recent drop has caused the weekly LMACD to cross bearish. A bearish crossover is a sell signal that warns of a change in medium-term momentum. Is BTC poised to double soon? | BTCUSD on TradingView.com Will The LMACD Confirm The Bearish Crossover? The bearish crossover on the weekly LMACD isn’t confirmed until the weekly candlestick closes. The LMACD is the logarithmic version of the MACD indicator \u2013 which stands for Moving Average Convergence Divergence. When the tool’s lines converge and cross, it produces a signal to take action. However, if the crossover doesn’t confirm and the two lines diverge instead, it tells a trader to stay in a position. In this case, Bitcoin would stay in the buy position until a bearish crossover appears later down the line. Related Reading: Bitcoin Enters Uncharted Territory with First Ever Golden Cross Such bearish crossovers have the potential to stop a bull rally in its tracks. The LMACD crossed bearish around the 2018 peak, the 2019 rally, and at both 2021 double tops. It is worth noting, however, that BTCUSD crossed bearish in 2023, and in late 2020, but ultimately crossed back bullish and resumed a bull run. Another such scenario is possible, so even if the technical indicator crosses bearish, it doesn’t necessarily mean the end of upside for Bitcoin. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":571058,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,84235,4524,76835],"class_list":["post-571056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-lmacd","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBearish Sell Signal Triggers As Bitcoin Falls Below $39,000<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to stay above $39,000 per coin and as it sinks lower, an ominous bearish technical signal is triggering. 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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. 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\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bearish Sell Signal Triggers As Bitcoin Falls Below $39,000","url":"http:\/\/wncen.com\/news\/bearish-sell-signal-triggers-as-bitcoin-falls-below-39000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bearish-sell-signal-triggers-as-bitcoin-falls-below-39000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/iStock-1210054360.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/iStock-1210054360.jpg?fit=2147%2C1396"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","lmacd","xbt","xbtusd"],"dateCreated":"2024-01-23T16:51:34Z","datePublished":"2024-01-23T16:51:34Z","dateModified":"2024-06-11T07:02:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bearish Sell Signal Triggers As Bitcoin Falls Below $39,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bearish-sell-signal-triggers-as-bitcoin-falls-below-39000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bearish-sell-signal-triggers-as-bitcoin-falls-below-39000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/iStock-1210054360.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/iStock-1210054360.jpg?fit=2147%2C1396\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"lmacd\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2024-01-23T16:51:34Z\",\"datePublished\":\"2024-01-23T16:51:34Z\",\"dateModified\":\"2024-06-11T07:02:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/iStock-1210054360.jpg?fit=2147%2C1396","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571056"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=571056"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/571058"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=571056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=571056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=571056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}