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bitcoin bull trend line
Nexo

Bitcoin Bulls Risk Losing Uptrend Line From Sub-$20K

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0
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Bitcoin price is back under $57,000 after losing an important trend line that has supported the cryptocurrency’s now historic uptrend. The critical uptrend line began just after the leading cryptocurrency by market cap cracked back above $20,000 for the first time, and it never looked back since.

Losing such a line, however, could lead to the first extended return to prices previously traded at, requiring a stronger bounce before the Bitcoin bull run resumes.

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Bitcoin Uptrend Line Built Under Sub-$20K Now At Risk

Resistance above $60,000 has proven once again too strong for bulls to break, and bears are now pushing the price per coin back down to retest support lower. Thus far, Bitcoin has held strong and the uptrend has been unaffected since far below $20,000.

RELATED READING | BITCOIN MINERS DUMPING HALF A MILLION BTC COULDN’T DENT BULL RALLY

The full bull run began at prices much lower dating back more than one year ago. The leading cryptocurrency by market cap had a historic climb from below $4,000 on Black Thursday in March 2020 to more than $60,000 per coin this past month.

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However, the latest selloff has pierced through a trendline that’s supported the powerful uptrend since long below $20K. It now all comes to what will be a crucial daily candle close at around 8PM ET tonight. Volatility today leading into the close could pick up as bulls attempt to push back above the trendline, while bears aim to ensure a confirmation of more downside ahead.

bitcoin bull trend line 2021

The uptrend line supporting Bitcoin from under $20,000 to more than $50,000 has been pierced | Source: BTCUSD on TradingView.com

Why The Monthly Green Streak In Crypto Could Soon Turn Red

Despite the risk of losing the uptrend line, that doesn’t necessarily mean a downtrend will begin, or that the greater bull market is immediately over. Bitcoin price was following a sharper uptrend line at one point, and although that was also lost, no dramatic downside has ever materialized. In fact, losing the last trendline resulted in a bull trap.

The price action has also sent Bitcoin back to retest now strong resistance above $60,000 – the current local peak – where it was rejected yet again. The rejection sent Bitcoin price tumbling and has poked through the another steep uptrend line.

RELATED READING | DATA: BITCOIN BULL RUN MAY BE LESS THAN ONE-QUARTER COMPLETE

Bitcoin price has had several stronger corrections on daily timeframes. On weekly timeframes, there have been a handful of corrections, but have been weak compared to past bull runs. Monthly timeframes, however, have been nothing but green for the longest streak historically, which could indicate the first much larger correction in Bitcoin on the largest of timeframes.

And it all could be beginning with a daily close below this clearly important trendline, which has supported the entire uptrend in 2021 thus far. Regardless of any short-term correction, however, the bull market shouldn’t be finished. Data suggests that the currency cycles is only roughly one-quarter complete.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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