{"id":463961,"date":"2021-05-17T17:31:44","date_gmt":"2021-05-17T17:31:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=463961"},"modified":"2024-06-11T13:55:48","modified_gmt":"2024-06-11T13:55:48","slug":"bitcoin-loses-crucial-support-never-broken-during-last-bull-run","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-loses-crucial-support-never-broken-during-last-bull-run\/","title":{"rendered":"Bitcoin Loses Crucial Support Never Broken During Last Bull Run"},"content":{"rendered":"<p>With <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-dips-just-above-42000\/\">Bitcoin price<\/a> falling to the low $40,000 range, debate has picked up on if the once trending cryptocurrency&#8217;s bull run is now over. There&#8217;s no truly telling for sure, however, this time is very different than the last bull market.<\/p>\n<p>Why? Because Bitcoin price just lost a key level that never once saw a weekly close below during the last market cycle. Could this be it for the bullish impulse \u2013 long before predictions of $100,000 or more per coin are ever reached?<\/p>\n<h2>Crypto Cycle Could Conclude With Key Level Lost From Past Trends<\/h2>\n<p>Cryptocurrencies are a highly speculative asset class, regardless if adoption is picking up or not. Sure <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/buying-bitcoin-paypal-fiat-crypto\/\">PayPal is now game<\/a>, as is Visa and an assortment of others, but the volatile assets have a long road of price discovery ahead.<\/p>\n<p>Although most recent crypto participants only have known &#8220;always up&#8221; as the direction of the trend, things have recently taken a turn downward.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-463977 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/bitcoin-bollinger-bands-close.png?resize=860%2C398\" alt=\"bitcoin bollinger bands close\" width=\"860\" height=\"398\"><\/p>\n<pre style=\"text-align: center\">BTC has lost the middle Bollinger Band or 20-week SMA \u00a0| Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>But is this &#8220;the top?&#8221; It&#8217;s hard to say. One thing for certain, however, is that Bitcoin price has now lost <a href=\"https:\/\/uniquehot.com\/topic\/bollinger-bands\/\">the middle Bollinger Band<\/a> \u2013 also the 20-week SMA.<\/p>\n<p>Passing through the mid-BB in and of itself can be a powerful buy or sell signal.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-dominance-altcoin-season\/\">Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here<\/a><\/em><\/strong><\/p>\n<p>However, the fact that during the last bull run Bitcoin weekly never closed below it, it could be a sign that the structure of the bull market has been broken.\u00a0<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-463978 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/bitcooin-bollinger-band-zoomed-bull.png?resize=860%2C398\" alt=\"bitcooin bollinger band zoomed bull\" width=\"860\" height=\"398\"><\/p>\n<pre style=\"text-align: center\">Never once was there a meaningful weekly close below the mid-BB \u00a0| Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2>Will Bitcoin Price Snap Back Into A Bull Phase? What To Look For<\/h2>\n<p><a href=\"https:\/\/uniquehot.com\/topic\/bollinger-bands\/\">The Bollinger Bands<\/a> are a tool created by legendary trader John Bollinger. The tool has a variety of uses, namely measuring the volatility in the price action of assets like Bitcoin.<\/p>\n<p>The technical analysis indicator consists of a 20-session SMA as mentioned, and two standard deviations of that moving average that widen and contract based on volatility.<\/p>\n<p>When they tighten or &#8220;squeeze&#8221; it can be a sign <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-is-on-the-verge-of-making-a-massive-move-and-it-may-spark-a-2020-rally\/\">a massive move is coming<\/a>. These large moves can begin or continue a trend after a long pause.<\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-463979\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/bitcoin-bollinger-bands.png?resize=860%2C418\" alt=\"bitcoin bollinger bands\" width=\"860\" height=\"418\">The recent peak has more similarities with 2018 and 2019 than 2017 \u00a0| Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Bitcoin weekly timeframes have tightened during the recent consolidation phase, and a breakout has started. However, the direction appears to be down according to the <a href=\"https:\/\/uniquehot.com\/topic\/bollinger-bands\/\">middle-Bollinger Band<\/a>. Passing through the middle-band typically results in several touches of the bottom band to find support.<\/p>\n<p>Like last major &#8220;tops&#8221; the bottom bands widened to extremes, but when they began to tighten back up, the trend was over. A rounding of the top bands also is a sign of the tools suggesting a break in the bull run.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/topic\/bollinger-bands\/\">All About The Bollinger Bands<\/a><\/strong><\/em><\/p>\n<p>As for when Bitcoin is ready to turn bullish again, it could be worth waiting for the cryptocurrency to reclaim the middle-BB, which outside of <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/fund-manager-black-thursday-bitcoin\/\">Black Thursday<\/a> and now, have always been a sign of a bull rally in the making.<\/p>\n<p>With Bitcoin now below the key level, the case for a bear phase, however, is now just as strong.<\/p>\n<pre>Featured image from iStockPhotos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>With Bitcoin price falling to the low $40,000 range, debate has picked up on if the once trending cryptocurrency&#8217;s bull run is now over. There&#8217;s no truly telling for sure, however, this time is very different than the last bull market. Why? Because Bitcoin price just lost a key level that never once saw a weekly close below during the last market cycle. Could this be it for the bullish impulse \u2013 long before predictions of $100,000 or more per coin are ever reached? Crypto Cycle Could Conclude With Key Level Lost From Past Trends Cryptocurrencies are a highly speculative asset class, regardless if adoption is picking up or not. Sure PayPal is now game, as is Visa and an assortment of others, but the volatile assets have a long road of price discovery ahead. Although most recent crypto participants only have known &#8220;always up&#8221; as the direction of the trend, things have recently taken a turn downward. BTC has lost the middle Bollinger Band or 20-week SMA \u00a0| Source: BTCUSD on TradingView.com But is this &#8220;the top?&#8221; It&#8217;s hard to say. One thing for certain, however, is that Bitcoin price has now lost the middle Bollinger Band \u2013 also the 20-week SMA. Passing through the mid-BB in and of itself can be a powerful buy or sell signal. Related Reading | Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here However, the fact that during the last bull run Bitcoin weekly never closed below it, it could be a sign that the structure of the bull market has been broken.\u00a0 Never once was there a meaningful weekly close below the mid-BB \u00a0| Source: BTCUSD on TradingView.com Will Bitcoin Price Snap Back Into A Bull Phase? What To Look For The Bollinger Bands are a tool created by legendary trader John Bollinger. The tool has a variety of uses, namely measuring the volatility in the price action of assets like Bitcoin. The technical analysis indicator consists of a 20-session SMA as mentioned, and two standard deviations of that moving average that widen and contract based on volatility. When they tighten or &#8220;squeeze&#8221; it can be a sign a massive move is coming. These large moves can begin or continue a trend after a long pause. The recent peak has more similarities with 2018 and 2019 than 2017 \u00a0| Source: BTCUSD on TradingView.com Bitcoin weekly timeframes have tightened during the recent consolidation phase, and a breakout has started. However, the direction appears to be down according to the middle-Bollinger Band. Passing through the middle-band typically results in several touches of the bottom band to find support. Like last major &#8220;tops&#8221; the bottom bands widened to extremes, but when they began to tighten back up, the trend was over. A rounding of the top bands also is a sign of the tools suggesting a break in the bull run. Related Reading | All About The Bollinger Bands As for when Bitcoin is ready to turn bullish again, it could be worth waiting for the cryptocurrency to reclaim the middle-BB, which outside of Black Thursday and now, have always been a sign of a bull rally in the making. With Bitcoin now below the key level, the case for a bear phase, however, is now just as strong. Featured image from iStockPhotos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":463963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,13510,1119,16154,75754,1144,78790,6664,4524,76835],"class_list":["post-463961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-dominance","tag-btc-d","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Loses Crucial Support Never Broken During Last Bull Run<\/title>\n<meta name=\"description\" content=\"With Bitcoin price falling to the low $40,000 range, debate has picked up on if the once trending cryptocurrency&#039;s bull run is now over. 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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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