{"id":411422,"date":"2020-01-17T19:00:33","date_gmt":"2020-01-17T19:00:33","guid":{"rendered":"https:\/\/uniquehot.com\/?p=411422"},"modified":"2020-01-17T18:19:58","modified_gmt":"2020-01-17T18:19:58","slug":"the-case-for-why-6400-wasnt-bitcoins-local-downtrend-bottom","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/the-case-for-why-6400-wasnt-bitcoins-local-downtrend-bottom\/","title":{"rendered":"The Case For Why $6,400 Wasn\u2019t Bitcoin\u2019s Local Downtrend Bottom"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The cryptocurrency community is currently exploding with exuberance, as <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> may have broken out from its recent downtrend into a full-blown reversal, and the rest of the crypto space has seen altcoins going on hundred percent rallies reviving talk of a bull run once again.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, there are a number of similarities between the current rally in Bitcoin markets compared to the July 2018 rally, which could suggest that $6,400 wasn\u2019t Bitcoin\u2019s bottom, and a deeper breakdown will arrive the weeks ahead. Here\u2019s the case as to why $6,400 wasn\u2019t the bottom.<\/span><\/p>\n<h2>$6,400 May Not Have Been Bitcoin&#8217;s Bottom, If Fractal Confirms And History Repeats<\/h2>\n<p class=\"p1\"><span class=\"s1\">Top analysts within the cryptocurrency industry, see many similarities between the current price action within <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>\u2019s recent rally from lows around $6,400, and a rally that took place back in July 2018.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/01\/16\/this-surprising-cryptocurrency-may-hold-clues-to-bitcoin-and-ethereums-final-bottom\/\">This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum\u2019s Final Bottom<\/a>\u00a0<\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The similarities between the two are uncanny and could act as a plausible case for why <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> hasn\u2019t bottomed, indicating that $6,400 was just a false bottom designed to give traders hope \u2013 hope that ultimately gets shattered, causing capitulation before the real bottom is put in. The flip-flopping in sentiment would be the psychological beating necessary to cause even the strongest hands to fold when the &#8220;bottom&#8221; eventually breaks.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">More detailed thread on why I still believe $6400 was a false bottom.<a href=\"https:\/\/t.co\/VL42uLwH0c\" rel=\"nofollow\">https:\/\/t.co\/VL42uLwH0c<\/a><\/p>\n<p>&mdash; A Voice of Reason in a Sea of Insanity (@sometrader78) <a href=\"https:\/\/twitter.com\/sometrader78\/status\/09395201?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 16, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/xYGIzOEd-6400-may-not-have-been-the-Btc-Bottom\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">As one expert crypto analyst points out<\/a>, both the July 2018 rally and current rally were the result of an inverse head and shoulders formation confirming.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">On larger timeframes, the monthly MACD is crossing over currently as did back in July 2018. The Relative Strength Index on the weekly and three-day timeframes are reaching similar areas on the gauge as it did back in July 2018 also. In both instances, there was a break of the 21-week EMA that didn&#8217;t end up holding.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-411424\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/charts.png?resize=860%2C299\" alt=\"bitcoin price crypto case\" width=\"860\" height=\"299\"><\/p>\n<p class=\"p1\"><span class=\"s1\">Interestingly, the timeframe from the most previous rally top to the active rally top was roughly the same distance from April 2018\u2019s top to July 2018\u2019s top \u2013 roughly 80 days. And the time distance from the initial parabolic rally top to the current rally during both cycles was roughly 200 or so days.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/01\/16\/blind-bitcoin-bias-gives-crypto-technical-analysis-a-bad-rap\/\">Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">There\u2019s also a bearish divergence on the RSI on daily timeframes, dating back as far as the prior two peaks \u2013 just like the last time around.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">While it is only possible to say that a bottom is in in hindsight, it\u2019s understandable as to why many analysts believe the bottom is in. <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> did confirm a common bottoming pattern, and broke through downtrend resistance, however, given all of the above similarities, it\u2019s wise to approach any future price action with caution, as the bottom may not be in, and Bitcoin could break down to set new lows.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency community is currently exploding with exuberance, as Bitcoin may have broken out from its recent downtrend into a full-blown reversal, and the rest of the crypto space has seen altcoins going on hundred percent rallies reviving talk of a bull run once again. However, there are a number of similarities between the current rally in Bitcoin markets compared to the July 2018 rally, which could suggest that $6,400 wasn\u2019t Bitcoin\u2019s bottom, and a deeper breakdown will arrive the weeks ahead. Here\u2019s the case as to why $6,400 wasn\u2019t the bottom. $6,400 May Not Have Been Bitcoin&#8217;s Bottom, If Fractal Confirms And History Repeats Top analysts within the cryptocurrency industry, see many similarities between the current price action within Bitcoin\u2019s recent rally from lows around $6,400, and a rally that took place back in July 2018. Related Reading | This Surprising Cryptocurrency May Hold Clues to Bitcoin and Ethereum\u2019s Final Bottom\u00a0 The similarities between the two are uncanny and could act as a plausible case for why Bitcoin hasn\u2019t bottomed, indicating that $6,400 was just a false bottom designed to give traders hope \u2013 hope that ultimately gets shattered, causing capitulation before the real bottom is put in. The flip-flopping in sentiment would be the psychological beating necessary to cause even the strongest hands to fold when the &#8220;bottom&#8221; eventually breaks. More detailed thread on why I still believe $6400 was a false bottom.https:\/\/t.co\/VL42uLwH0c &mdash; A Voice of Reason in a Sea of Insanity (@sometrader78) January 16, 2020 As one expert crypto analyst points out, both the July 2018 rally and current rally were the result of an inverse head and shoulders formation confirming. On larger timeframes, the monthly MACD is crossing over currently as did back in July 2018. The Relative Strength Index on the weekly and three-day timeframes are reaching similar areas on the gauge as it did back in July 2018 also. In both instances, there was a break of the 21-week EMA that didn&#8217;t end up holding. Interestingly, the timeframe from the most previous rally top to the active rally top was roughly the same distance from April 2018\u2019s top to July 2018\u2019s top \u2013 roughly 80 days. And the time distance from the initial parabolic rally top to the current rally during both cycles was roughly 200 or so days. Related Reading | Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap\u00a0 There\u2019s also a bearish divergence on the RSI on daily timeframes, dating back as far as the prior two peaks \u2013 just like the last time around. While it is only possible to say that a bottom is in in hindsight, it\u2019s understandable as to why many analysts believe the bottom is in. Bitcoin did confirm a common bottoming pattern, and broke through downtrend resistance, however, given all of the above similarities, it\u2019s wise to approach any future price action with caution, as the bottom may not be in, and Bitcoin could break down to set new lows.<\/p>\n","protected":false},"author":517,"featured_media":411425,"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":[54488,428,1079,6664,2849,14763],"class_list":["post-411422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bearish-divergence","tag-bitcoin","tag-bottom","tag-crypto","tag-macd","tag-rsi"],"acf":[],"yoast_head":"\n<title>The Case For Why $6,400 Wasn\u2019t Bitcoin\u2019s Local Downtrend Bottom<\/title>\n<meta name=\"description\" content=\"The cryptocurrency community is currently exploding with exuberance, as Bitcoin may have broken out from its recent downtrend into a full-blown reversal,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/the-case-for-why-6400-wasnt-bitcoins-local-downtrend-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Case For Why $6,400 Wasn\u2019t Bitcoin\u2019s Local Downtrend Bottom\" \/>\n<meta property=\"og:description\" content=\"The cryptocurrency community is currently exploding with exuberance, as Bitcoin may have broken out from its recent downtrend into a full-blown reversal,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/the-case-for-why-6400-wasnt-bitcoins-local-downtrend-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-17T19:00:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-17T18:19:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-crypto-bottom-case-shutterstock_4763398.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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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. 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