{"id":405916,"date":"2019-12-01T23:47:53","date_gmt":"2019-12-01T23:47:53","guid":{"rendered":"https:\/\/uniquehot.com\/?p=405916"},"modified":"2024-06-11T13:34:42","modified_gmt":"2024-06-11T13:34:42","slug":"bitcoin-price-november-close-long-term-sell","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-november-close-long-term-sell\/","title":{"rendered":"Bitcoin Price’s November Close Triggers Medium-Term Sell Signals"},"content":{"rendered":"

Earlier today, NewsBTC reported that<\/a> CryptoThies, a popular analyst, noted that the Chaikin Money Flow (CMF) for Bitcoin was trending positive. The CMF, an oscillating indicator that is derived from the MACD to signal market strength, suggested that “smart money is just now flowing into the market and is trending upwards,\u201d indicating that the cryptocurrency could begin to bounce and form a positive trend heading into 2020.<\/p>\n

Harrowing Signals on Monthly Bitcoin Candle<\/strong><\/h2>\nTrader Byzantine General recently noted that the Moving Average Convergence Divergence (MACD), which is a “trend-following momentum indicator that shows the relationship between two moving averages of a security’s price” (Investopedia<\/a>), has printed a bearish crossover for the one-month BTC chart.<\/p>\n
The last time this took place was in May of 2018, prior to Bitcoin’s extended bearish move from the $10,000s to the $3,000 in the seven-odd months that followed.<\/p>\n
Notably, this MACD bearish crossover that just took place doesn’t have as much momentum as the previous one, implying that the likely decline that will follow may not be as deep and as extended as the one seen in 2018.<\/p>\n
https:\/\/twitter.com\/ByzGeneral\/status\/41955584<\/p>\n
That’s not all. The aforementioned analyst CryptoThies noted that his proprietary MarketGod indicator, which tracks trends much like the MACD, has printed a “sell” signal on the December candle for Bitcoin.<\/p>\n
This is notable as previous “sell” signals on the monthly chart for BTC were seen near the $20,000 top last cycle and around $800 in the cycle before last. History repeating would mean that the cryptocurrency may have a few months of pain ahead.<\/p>\n
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Yikes. I\u2019m taking the hint this time guys.. $BTC<\/a> is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it\u2019s pretty clear I need to listen to it. <\/p>\n
Short the corn. pic.twitter.com\/AiVLec0sUs<\/a><\/p>\n
— Crypto Thies (@kingthies) December 1, 2019<\/a><\/p><\/blockquote>\n