{"id":416003,"date":"2020-02-25T19:00:38","date_gmt":"2020-02-25T19:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=416003"},"modified":"2020-02-25T18:47:34","modified_gmt":"2020-02-25T18:47:34","slug":"bitcoin-bull-market-hangs-in-the-balance-of-just-one-line","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bull-market-hangs-in-the-balance-of-just-one-line\/","title":{"rendered":"Bitcoin Bull Market Hangs in the Balance of Just One Line"},"content":{"rendered":"

Bitcoin price<\/a> is at a critical juncture, where a deeper drop from current levels could send the first-ever cryptocurrency back into a downtrend, or a climb from here could send it towards a new all-time high.<\/span><\/p>\n

All that is left that is holding up Bitcoin from falling back into a devastating downtrend, is one simple line separating the bear market from the bull market.<\/span><\/p>\n

Herculean Task: This One Line Is Holding Up Bitcoin’s Bull Market<\/h2>\n

Lines are psychologically important. Even though you cannot see them, lines separate town and country borders, or lines drawn in the sand represent a final stand before retaliation. <\/span><\/p>\n

In technical analysis, lines keep trends or price action supported or at bay<\/a>.<\/span><\/p>\n

Related Reading | This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started\u00a0<\/a><\/strong><\/em><\/p>\n

Could it really be that just one line is holding up Bitcoin\u2019s bull market, keeping the leading cryptocurrency by market cap from dropping back into a bear trend?<\/span><\/p>\n

According to the Relative Strength Index<\/a> on weekly timeframes on Bitcoin price charts, just one line is preventing the leading crypto asset by market cap from falling back into bearish territory.<\/span><\/p>\n

\"bitcoin<\/p>\n

Looking back, Bitcoin price<\/a> first fell under this clearly critical line in January 2018, just as the crypto asset\u2019s parabolic advance had been breached.<\/span><\/p>\n

With each subsequent peak during the bear market, the cryptocurrency didn\u2019t even come close to touching the line.<\/span><\/p>\n

But following Bitcoin\u2019s bear market bottom in December 2018, it built up enough momentum from its bullish base to surge into another parabolic rally, taking the price of the cryptocurrency to $14,000 at its high.<\/span><\/p>\n

On the way up, Bitcoin price<\/a> broke back above the line drawn on the RSI, but it couldn’t hold.<\/span><\/p>\n

Come September 2019, however, just after the Bakkt trading desk launched, Bitcoin collapsed by over $2,000, sending it back into a short-lived downtrend that lasted six months. This important line was broken as a result.<\/span><\/p>\n

The historic October pump that set a record for Bitcoin\u2019s third-largest single-day gain on record, couldn\u2019t even break back above this powerful line drawn on the RSI.<\/span><\/p>\n

A rejection from that level in October took Bitcoin to its local downtrend bottom of $6,400.<\/span><\/p>\n

Since the low was set, Bitcoin price<\/a> has rallied over 60% to a 2020 high of $10,500, before falling back to current levels around $9,350.<\/span><\/p>\n

Related Reading | Retail Crypto Sentiment Flips Bearish For First Time in 2020<\/a><\/strong><\/em><\/p>\n

The recent pullback has taken Bitcoin right to that ever-important line, where thus far the cryptocurrency has yet to breach through it.<\/span><\/p>\n

If it holds, Bitcoin price<\/a> is almost certain to stay in bull territory for an extended period \u2013 potentially not falling back into bear territory until a new all-time high is set.<\/span><\/p>\n

But if that line cannot hold, a new all-time high may be a lot longer away.<\/span><\/p>\n

Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is at a critical juncture, where a deeper drop from current levels could send the first-ever cryptocurrency back into a downtrend, or a climb from here could send it towards a new all-time high. All that is left that is holding up Bitcoin from falling back into a devastating downtrend, is one simple line separating the bear market from the bull market. Herculean Task: This One Line Is Holding Up Bitcoin’s Bull Market Lines are psychologically important. Even though you cannot see them, lines separate town and country borders, or lines drawn in the sand represent a final stand before retaliation. In technical analysis, lines keep trends or price action supported or at bay. Related Reading | This 90-Year-Old Indicator Says Bitcoin Uptrend Is Just Getting Started\u00a0 Could it really be that just one line is holding up Bitcoin\u2019s bull market, keeping the leading cryptocurrency by market cap from dropping back into a bear trend? According to the Relative Strength Index on weekly timeframes on Bitcoin price charts, just one line is preventing the leading crypto asset by market cap from falling back into bearish territory. Looking back, Bitcoin price first fell under this clearly critical line in January 2018, just as the crypto asset\u2019s parabolic advance had been breached. With each subsequent peak during the bear market, the cryptocurrency didn\u2019t even come close to touching the line. But following Bitcoin\u2019s bear market bottom in December 2018, it built up enough momentum from its bullish base to surge into another parabolic rally, taking the price of the cryptocurrency to $14,000 at its high. On the way up, Bitcoin price broke back above the line drawn on the RSI, but it couldn’t hold. Come September 2019, however, just after the Bakkt trading desk launched, Bitcoin collapsed by over $2,000, sending it back into a short-lived downtrend that lasted six months. This important line was broken as a result. The historic October pump that set a record for Bitcoin\u2019s third-largest single-day gain on record, couldn\u2019t even break back above this powerful line drawn on the RSI. A rejection from that level in October took Bitcoin to its local downtrend bottom of $6,400. Since the low was set, Bitcoin price has rallied over 60% to a 2020 high of $10,500, before falling back to current levels around $9,350. Related Reading | Retail Crypto Sentiment Flips Bearish For First Time in 2020 The recent pullback has taken Bitcoin right to that ever-important line, where thus far the cryptocurrency has yet to breach through it. If it holds, Bitcoin price is almost certain to stay in bull territory for an extended period \u2013 potentially not falling back into bear territory until a new all-time high is set. But if that line cannot hold, a new all-time high may be a lot longer away. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":416005,"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":[428,6664,16393,14763],"class_list":["post-416003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crypto","tag-relative-strength-index","tag-rsi"],"acf":[],"yoast_head":"\nBitcoin Bull Market Hangs in the Balance of Just One Line<\/title>\n<meta name=\"description\" content=\"Bitcoin price is at a critical juncture, where a deeper drop from current levels could send the first-ever cryptocurrency back into a downtrend, or a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bull Market Hangs in the Balance of Just One Line","url":"http:\/\/wncen.com\/news\/bitcoin-bull-market-hangs-in-the-balance-of-just-one-line\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bull-market-hangs-in-the-balance-of-just-one-line\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/bitcoin-bull-market-shutterstock_1216467208.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/02\/bitcoin-bull-market-shutterstock_1216467208.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","crypto","relative strength index","rsi"],"dateCreated":"2020-02-25T19:00:38Z","datePublished":"2020-02-25T19:00:38Z","dateModified":"2020-02-25T19:00:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bull Market Hangs in the Balance of Just One Line\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bull-market-hangs-in-the-balance-of-just-one-line\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bull-market-hangs-in-the-balance-of-just-one-line\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/bitcoin-bull-market-shutterstock_1216467208.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/bitcoin-bull-market-shutterstock_1216467208.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"crypto\",\"relative strength index\",\"rsi\"],\"dateCreated\":\"2020-02-25T19:00:38Z\",\"datePublished\":\"2020-02-25T19:00:38Z\",\"dateModified\":\"2020-02-25T19:00:38Z\"}<\/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\/2020\/02\/bitcoin-bull-market-shutterstock_1216467208.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/416003","targetHints":{"allow":["GET"]}}],"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=416003"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/416003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/416005"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=416003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=416003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=416003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}