{"id":421159,"date":"2020-04-18T04:00:59","date_gmt":"2020-04-18T04:00:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=421159"},"modified":"2024-06-11T13:47:37","modified_gmt":"2024-06-11T13:47:37","slug":"bitcoin-could-soon-plunge-from-7000-2-key-technical-trends-prove-this","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-could-soon-plunge-from-7000-2-key-technical-trends-prove-this\/","title":{"rendered":"Bitcoin Could Soon Plunge From $7,000: 2 Key Technical Trends Prove This"},"content":{"rendered":"<p>In the wake of the crash to $3,700, investors thought Bitcoin was on a certain path to fresh macro lows under $3,100. But, this has quickly changed as the cryptocurrency has embarked on a stunning recovery, reaching $7,500 last week on the back of hype regarding the May 2020 block reward halving.<\/p>\n<p>Unfortunately, the 100% move from the &#8220;Black Thursday&#8221; low is coming to an end, with key indicators suggesting that a correction of the rally is imminent.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/uniquehot.com\/2020\/04\/17\/ripples-xrp-just-claimed-a-multi-year-trendline-why-this-is-important\/\"> Ripple\u2019s XRP Just Reclaimed a Multi-Year Trendline: Why This is Crucial for Bulls<\/a><\/h6>\n<h2>Bitcoin Is Preparing to Reverse: Indicators<\/h2>\n<p>Avi Felman \u2014 a trader and analyst at crypto-asset fund BlockTower \u2014 <a href=\"https:\/\/twitter.com\/AviFelman\/status\/08487680\" rel=\"nofollow\">recently observed<\/a> that there are two clean signs that a reversal in the cryptocurrency market is on the horizon:<\/p>\n<ul>\n<li>The Tom Demark Sequential, a time-based indicator that prints &#8220;9&#8221; candles to mark reversals, is printing a sell &#8220;9&#8242; candle on the three-day chart. Previous three-day 9 candles marked the mid-March bottom and the December 2019 bottom, but front-ran the $10,500 top seen earlier this year.<\/li>\n<li>Ethereum is currently failing to break past the three-day 50 moving average and the 200 moving average.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It takes a brave man to stand here. <\/p>\n<p>Thanks <a href=\"https:\/\/twitter.com\/truenomic?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@truenomic<\/a> for the clean TD <a href=\"https:\/\/t.co\/IVLRnpwS59\" rel=\"nofollow\">pic.twitter.com\/IVLRnpwS59<\/a><\/p>\n<p>&mdash; Avi (@AviFelman) <a href=\"https:\/\/twitter.com\/AviFelman\/status\/08487680?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 16, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>There are also other traders that have similar sentiment, explaining that the signs are pointing to a move lower.<\/p>\n<p>Trader DonAlt remarked that while the recent daily candles have not been \u201csuper bearish,\u201d it is <a href=\"https:\/\/uniquehot.com\/2020\/04\/17\/bitcoin-recent-action-eerily-identical-to-10500-top\/\">\u201cawfully close to how the $10,000 top played out\u201d<\/a> pointing to structural similarities between that time frame in February of this year and now.<\/p>\n<p>The asset following the playbook it made last time it saw such similar price action will see it tumble off a cliff in the coming weeks, likely to retest the lows.<\/p>\n<h2>Macro Perspective Also Suggests Yet Another Drop is Coming<\/h2>\n<p>The macro picture also suggests that the cryptocurrency may soon return to the downside.<\/p>\n<p>Per<a href=\"https:\/\/uniquehot.com\/2020\/04\/15\/this-market-cycle-analysis-suggests-bitcoin-isnt-done-crashing-yet\/\"> previous reports from NewsBTC<\/a>, Bitcoin analyst Dan Talmon <a href=\"https:\/\/twitter.com\/Pladizow\/status\/49370631\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener nofollow\">suggested<\/a>\u00a0that Bitcoin\u2019s bear market has seven distinct points and three distinct phases, depicted by the numbers and colors in the below chart.<\/p>\n<p>The first phase is marked by a steep crash and bound; the second phase is short but sees the cryptocurrency crash again to set a new low; and the last phase is capitulation, where prices set fresh lows.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EVln0NtXgAEjZNr.jpg?ssl=1\" loading=\"lazy\"><\/p>\n<p class=\"svecc-content-banner-added\">BTC is currently at the start of the third phase, the chart suggests. It also shows that should Bitcoin complete the pattern as it has done in the past, it will fall and then consolidate around the $4,000 lows once again.<\/p>\n<p>Adding to this, Ross Ulbricht \u2014 the early crypto adopter behind the online marketplace &#8220;The Silk Road&#8221; \u2014\u00a0 suggested that Elliot Wave theory suggests BTC may fall under the 2018 lows. Elliot Wave is predicated on market cycles and investor psychology.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/uniquehot.com\/2020\/04\/16\/this-one-financial-trend-will-make-bitcoin-succeed-billionaire\/\"> This One Financial Trend Will Make Bitcoin Succeed: Billionaire<\/a><\/h6>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@tjump?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Nik Shuliahin<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/sad?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of the crash to $3,700, investors thought Bitcoin was on a certain path to fresh macro lows under $3,100. But, this has quickly changed as the cryptocurrency has embarked on a stunning recovery, reaching $7,500 last week on the back of hype regarding the May 2020 block reward halving. Unfortunately, the 100% move from the &#8220;Black Thursday&#8221; low is coming to an end, with key indicators suggesting that a correction of the rally is imminent. Related Reading: Ripple\u2019s XRP Just Reclaimed a Multi-Year Trendline: Why This is Crucial for Bulls Bitcoin Is Preparing to Reverse: Indicators Avi Felman \u2014 a trader and analyst at crypto-asset fund BlockTower \u2014 recently observed that there are two clean signs that a reversal in the cryptocurrency market is on the horizon: The Tom Demark Sequential, a time-based indicator that prints &#8220;9&#8221; candles to mark reversals, is printing a sell &#8220;9&#8242; candle on the three-day chart. Previous three-day 9 candles marked the mid-March bottom and the December 2019 bottom, but front-ran the $10,500 top seen earlier this year. Ethereum is currently failing to break past the three-day 50 moving average and the 200 moving average. It takes a brave man to stand here. Thanks @truenomic for the clean TD pic.twitter.com\/IVLRnpwS59 &mdash; Avi (@AviFelman) April 16, 2020 There are also other traders that have similar sentiment, explaining that the signs are pointing to a move lower. Trader DonAlt remarked that while the recent daily candles have not been \u201csuper bearish,\u201d it is \u201cawfully close to how the $10,000 top played out\u201d pointing to structural similarities between that time frame in February of this year and now. The asset following the playbook it made last time it saw such similar price action will see it tumble off a cliff in the coming weeks, likely to retest the lows. Macro Perspective Also Suggests Yet Another Drop is Coming The macro picture also suggests that the cryptocurrency may soon return to the downside. Per previous reports from NewsBTC, Bitcoin analyst Dan Talmon suggested\u00a0that Bitcoin\u2019s bear market has seven distinct points and three distinct phases, depicted by the numbers and colors in the below chart. The first phase is marked by a steep crash and bound; the second phase is short but sees the cryptocurrency crash again to set a new low; and the last phase is capitulation, where prices set fresh lows. BTC is currently at the start of the third phase, the chart suggests. It also shows that should Bitcoin complete the pattern as it has done in the past, it will fall and then consolidate around the $4,000 lows once again. Adding to this, Ross Ulbricht \u2014 the early crypto adopter behind the online marketplace &#8220;The Silk Road&#8221; \u2014\u00a0 suggested that Elliot Wave theory suggests BTC may fall under the 2018 lows. Elliot Wave is predicated on market cycles and investor psychology. Related Reading: This One Financial Trend Will Make Bitcoin Succeed: Billionaire Photo by\u00a0Nik Shuliahin\u00a0on\u00a0Unsplash<\/p>\n","protected":false},"author":497,"featured_media":421164,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[340,679,1144,58580],"class_list":["post-421159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bearish","tag-bitcoin-price","tag-btcusd","tag-td-sequential"],"acf":[],"yoast_head":"\n<title>Bitcoin Could Soon Plunge From $7,000: 2 Key Technical Trends Prove This<\/title>\n<meta name=\"description\" content=\"While Bitcoin has been on an astonishing rally over the past few days, two key technical trends suggest a correction is on the horizon.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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