{"id":400630,"date":"2019-10-07T04:00:23","date_gmt":"2019-10-07T04:00:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=400630"},"modified":"2019-10-07T03:16:25","modified_gmt":"2019-10-07T03:16:25","slug":"bear-market-indicators-returning-as-bitcoin-dumps-below-7800","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bear-market-indicators-returning-as-bitcoin-dumps-below-7800\/","title":{"rendered":"Bear Market Indicators Returning as Bitcoin Dumps Below $7,800"},"content":{"rendered":"

The weekend brought a little hopium as Bitcoin prices topped $8,200 briefly, however the doom and gloom has returned on Monday morning as BTC has dumped back into the $7k region again. The longer term chart indicators are mounting up and they are all screaming bear market.<\/p>\n

Bitcoin Slides Below $7,800<\/h2>\n

Following a weekend of relative stability above $8k BTC has started to slide again as we start another week in crypto land. According to Tradingview.com<\/a> the decline to $7,760 a few hours ago marks a 5 percent loss over the past 24 hours.<\/p>\n

\"bitcoin\"<\/a>
BTC prices one hour chart – Tradingview.com<\/figcaption><\/figure>\n

Bitcoin has now retouched its five month low and the technical indicators are looking ominous. The weekly candle closed on a red doji as pointed out by Josh Rager, however the indecisive formation is likely to be overruled by the bears this week.<\/p>\n

https:\/\/twitter.com\/Josh_Rager\/status\/55275009<\/p>\n

The fourth red weekly candle in a row has not happened for two years as volumes continue to decline. Additionally, BTC is now firmly below the 200 day moving average and this does not look good for the immediate future.<\/p>\n

Trader \u2018Cryptonaire\u2019 pointed out<\/a> that this is usually a sign of prolonged consolidation or further declines.<\/p>\n

\u201cNEVER has $Btc gone above or below the 200 MA and had an immediate pullback. There’s a 20% minimum move before going in opposite direction even if it’s just a wick,\u201d<\/p><\/blockquote>\n

Fellow trader and analyst \u2018Crypto Hamster\u2019 made some similarities between the 2018 final dump into crypto winter.<\/p>\n

\u201cIt is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now,\u201d<\/p><\/blockquote>\n

\n

It is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now (the scale is different, of course).$BCT<\/a> $BTCUSD<\/a> #bitcoin<\/a> pic.twitter.com\/HFt0DfydlD<\/a><\/p>\n

— CryptoHamster (@CryptoHamsterIO) October 6, 2019<\/a><\/p><\/blockquote>\n