{"id":369557,"date":"2019-01-29T09:00:49","date_gmt":"2019-01-29T09:00:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=369557"},"modified":"2019-01-29T04:05:37","modified_gmt":"2019-01-29T04:05:37","slug":"downtrend-confirmations-spell-more-pain-for-bitcoin-where-will-it-bottom","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/downtrend-confirmations-spell-more-pain-for-bitcoin-where-will-it-bottom\/","title":{"rendered":"Downtrend Confirmations Spell More Pain For Bitcoin, Where Will it Bottom?"},"content":{"rendered":"<p>By many accounts Bitcoin is not out of the woods and has a lot further to fall before any glimmer of a recovery or trend reversal is to be seen. A number of indicators have been used to get as accurate a price prediction as possible but the overall trend line is usually the most reliable.<\/p>\n<h2>Bitcoin Bears Will Lurk For Longer<\/h2>\n<p>Yesterday\u2019s <a href=\"https:\/\/uniquehot.com\/2019\/01\/28\/crypto-market-wrap-7-billion-dumped-to-new-2019-lows\/\">$7 billion dump<\/a> has strengthened the long term trend and its downward march will continue into 2019. Bitcoin has been overwhelmed by resistance walls at both $4,000 then $3,600 so far this year and has failed to overcome them after a couple of weeks trying at both levels. Its next support zone is around $3,200, which also formed its lowest level of 2018 in mid-December.<\/p>\n<p>A number of prominent analysts and crypto traders are of similar opinion that Bitcoin will fall through this support and dump below $3,000 in the coming weeks. Willy Woo has labeled today as D-Day for downtrend confirmation with higher volumes indicating more bearish action;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today is D-Day for down-trend confirmation. We need to see more volume build upon yesterday. (Chart shows 2.5hrs of traded volume so far for today). Technically we broke the volume trend line yesterday,  but I&#39;d like to see one more day of higher volumes for confirmation. <a href=\"https:\/\/t.co\/dFE9KYEKXz\" rel=\"nofollow\">pic.twitter.com\/dFE9KYEKXz<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/80146432?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Several have responded with the big question; <a href=\"https:\/\/uniquehot.com\/2019\/01\/28\/bitcoin-bears-back-in-play-how-low-will-btc-go-this-time\/\">where is the bottom for Bitcoin<\/a>? Woo expects that to be in the low $2,000 range with a possible final capitulation below this level briefly;<\/p>\n<blockquote><p>\u201cThere were a lot of coins bought in the $2200-$2800 range on the way up, I can concur this is the likely accumulation bottom, I&#8217;m picking in the price will settle lower part of this range &#8211;\u00a0 Doesn&#8217;t preclude a capitulation wick lower, but that wick is not 100%.\u201d<\/p><\/blockquote>\n<p>Boomerang Capital replied with &#8220;High volume dump today, but buyers stepped in before the daily close. After breaking below the swing low on the previous last two-week range at $3.5k, that level will now act as strong resistance.&#8221;<\/p>\n<p>Also well followed for his technical analysis and previous predictions, <a href=\"https:\/\/uniquehot.com\/?s=Murad+Mahmudov\">Murad Mahmudov<\/a>, noted that the downtrend line for total crypto market capitalization has been hit for the eighth time in a row since the bear market began over a year ago;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">yup. rejected by this diagonal yet again. 8th time in a row.<\/p>\n<p>This image is literally what money flowing out of the entire asset class in real-time looks like. <a href=\"https:\/\/t.co\/Cm8fdMXxD8\" rel=\"nofollow\">pic.twitter.com\/Cm8fdMXxD8<\/a><\/p>\n<p>&mdash; Murad (@MustStopMurad) <a href=\"https:\/\/twitter.com\/MustStopMurad\/status\/57346304?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 28, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Murad has long predicted a <a href=\"https:\/\/uniquehot.com\/2019\/01\/14\/analyst-final-capitulation-could-see-bitcoin-at-1800-before-trend-reversal\/\">final capitulation down to $1,800<\/a> by using a range of technical indicators. This, he claims, will be by the middle of the year where Bitcoin will stay for a couple of months before a reversal in Q3.<\/p>\n<p>The end of the week could spell another big dump were total market capitalization drops close to $100 billion and Bitcoin falls to support at $3,200 again. If all analysts and indicators ring true there will be a lot more pain before any gain in cryptoland.<\/p>\n<pre>Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>By many accounts Bitcoin is not out of the woods and has a lot further to fall before any glimmer of a recovery or trend reversal is to be seen. A number of indicators have been used to get as accurate a price prediction as possible but the overall trend line is usually the most reliable. Bitcoin Bears Will Lurk For Longer Yesterday\u2019s $7 billion dump has strengthened the long term trend and its downward march will continue into 2019. Bitcoin has been overwhelmed by resistance walls at both $4,000 then $3,600 so far this year and has failed to overcome them after a couple of weeks trying at both levels. Its next support zone is around $3,200, which also formed its lowest level of 2018 in mid-December. A number of prominent analysts and crypto traders are of similar opinion that Bitcoin will fall through this support and dump below $3,000 in the coming weeks. Willy Woo has labeled today as D-Day for downtrend confirmation with higher volumes indicating more bearish action; Today is D-Day for down-trend confirmation. We need to see more volume build upon yesterday. (Chart shows 2.5hrs of traded volume so far for today). Technically we broke the volume trend line yesterday, but I&#39;d like to see one more day of higher volumes for confirmation. pic.twitter.com\/dFE9KYEKXz &mdash; Willy Woo (@woonomic) January 29, 2019 Several have responded with the big question; where is the bottom for Bitcoin? Woo expects that to be in the low $2,000 range with a possible final capitulation below this level briefly; \u201cThere were a lot of coins bought in the $2200-$2800 range on the way up, I can concur this is the likely accumulation bottom, I&#8217;m picking in the price will settle lower part of this range &#8211;\u00a0 Doesn&#8217;t preclude a capitulation wick lower, but that wick is not 100%.\u201d Boomerang Capital replied with &#8220;High volume dump today, but buyers stepped in before the daily close. After breaking below the swing low on the previous last two-week range at $3.5k, that level will now act as strong resistance.&#8221; Also well followed for his technical analysis and previous predictions, Murad Mahmudov, noted that the downtrend line for total crypto market capitalization has been hit for the eighth time in a row since the bear market began over a year ago; yup. rejected by this diagonal yet again. 8th time in a row. This image is literally what money flowing out of the entire asset class in real-time looks like. pic.twitter.com\/Cm8fdMXxD8 &mdash; Murad (@MustStopMurad) January 28, 2019 Murad has long predicted a final capitulation down to $1,800 by using a range of technical indicators. This, he claims, will be by the middle of the year where Bitcoin will stay for a couple of months before a reversal in Q3. The end of the week could spell another big dump were total market capitalization drops close to $100 billion and Bitcoin falls to support at $3,200 again. If all analysts and indicators ring true there will be a lot more pain before any gain in cryptoland. Image from Shutterstock<\/p>\n","protected":false},"author":386,"featured_media":363293,"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":[5687,428,1119,12254,3496,4222],"class_list":["post-369557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-btc","tag-crypto-crash","tag-prediction","tag-trendline"],"acf":[],"yoast_head":"\n<title>Downtrend Confirmations Spell More Pain For Bitcoin, Where Will it Bottom?<\/title>\n<meta name=\"description\" content=\"By many accounts Bitcoin is not out of the woods and has a lot further to fall before any glimmer of a recovery or trend reversal is to be seen. 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