Categories: Bitcoin Business

Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear

Click here to view original web page at

Bitcoin price has struggled to regain the same powerful bullish momentum it had starting in April through July, but crypto bulls also haven’t given up the fight and have managed to keep Bitcoin price from falling far below $10,000.

But that fall deep below $10,000 may be coming sooner than expected if the weekly MACD turning down is any indication of the trend change to come. If $10,000 breaks, one crypto analyst says that Bitcoin may fall below the median range toward the lower trading range, which as a bottom $6,000.

Former Bitcoin Price Broken Bottom at $6K To Act As Bottom of Trading Range

Bitcoin price has taken so many trips to test support at $6,000, it’s difficult to imagine doing it again, and potentially again and again after that.

Throughout the 2018 bear market, $6,000 acted as seemingly unbreakable support after each gradually decreasing peak was rejected. Eventually, in November 2018, $6,000 gave way, and Bitcoin price fell to its eventual bear market bottom at $3,200.

Related Reading | Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

On the way back up, $6,000 was expected to act as impossible resistance to beat, but instead Bitcoin price cut through it like a hot knife through butter. Now, the leading crypto asset by market cap may make another trip downward to test $6,000 as support once again, and crypto investors will be hoping and praying that it holds up better than the last time it was tested as support.

According to TraderXO, a prominent crypto analyst, the weekly MACD is turning downward for the first time since Bitcoin peaked at $20,000. The MACD is an indicator that can help predict trend changes by gauging the buying or selling momentum.

Momentum is clearly pointing down, and will likely drag Bitcoin price down below the upper portion of the greater trading range from between $10,000 and $14,000, to the lower half of the trading range from $6,000 to $10,000. This suggests that Bitcoin could be in a larger trading range between $6,000 and $14,000 for the foreseeable future until support or resistance gives in either direction.

Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000

The crypto market fear and greed index is currently at among the lowest its ever been historically, yet Bitcoin price has barely corrected. A fall to $6,000 will likely break out investors who believed that the bottom of Bitcoin was already in, and given how $6,000 failed the last time around, most will not find much comfort or confidence in it holding once again.

However, other crypto analysts believe that first-ever crypto asset has embarked on its bull run, and a correction of that magnitude simply will not play out. But the weekly MACD says otherwise. Only time will tell if Bitcoin does correct further, or blows bears away with another parabolic rally.

Tags:bitcoinbitcoin pricecryptoMACDtechnical analysis BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Tom Lee: Another Big Leap for BTC Is Coming

Well, it looks like Tom Lee is back in the news, and when you really think about it, why shouldn’t… Read More

5 hours ago

Graeme Moore Publishes Bitcoin Book for Kids

A new book has emerged to teach children about bitcoin. Known as “B Is for Bitcoin,” the book shows children… Read More

5 hours ago

Key Technical Indicator Signals Bitcoin is Gearing Up for a Big Move

After inching higher yesterday, Bitcoin faced a somewhat strong rejection at just above $10,400, which has brought the cryptocurrency down… Read More

5 hours ago

Day Trading is a Great way to get Rekt, Study Finds

Making money in the financial or cryptocurrency world isn’t as easy as one might think. The volatility of Bitcoin and… Read More

5 hours ago

Bitcoin Is ‘The Most Extraordinary Bubble of Our Generation’ Says Trader

The next bitcoin bull market is only getting started, analyst claims. | Source: Shutterstock Bitcoin is up by almost 180%… Read More

5 hours ago

The Story Behind ‘B is for Bitcoin,’ an ABC Book for Kids

While writing B is for Bitcoin , an ABC children’s book about cryptocurrency, author Graeme Moore had an epiphany—children don’t… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More