This weekend was kind of optimistic for the Bitcoin news followers and altcoin analysts – mostly because BTC topped $8,200 briefly and initiated a small bullish run. However, the doom and gloom is now back and the bear market momentum shows that BTC is being dumped in the $7,000 region again – with many altcoins following this trend.
The longer term chart indicators are also mounting up and they are all screaming “bear market.” Following a weekend of stability, the cryptocurrency news today show that BTC is now back below $8,000 and sliding again as we start another week in crypto land.
The drop to $7,760 for Bitcoin overnight marked a 5% loss over the past 24 hours for the major cryptocurrency. We can also see that BTC managed to recover since then and is now trading in the $7,900 region. However, with the low established overnight and the bear market momentum surrounding most of the major coins now, we can see that Bitcoin retouched its five-month low and the technical indicators now look ominous.
https://twitter.com/Josh_Rager/status/1180682966655275009
The analyst Josh Rager showed the ‘doji candle’ as he illustrates it, and we can see that the fourth red weekly candle in a row has not happened for two years as volumes continue to decline. Additionally, BTC is now firmly below the 200-day moving average (MA) and this does not look good for the future of the most dominant coin. Still, news show that Bitcoin is 2019’s best performing asset.
According to the trader with a nickname ‘Cryptonaire’, this is usually a sign of prolonged consolidation of further declines – and a sign of a bear market momentum.
“NEVER has $Btc gone above or below the 200 MA and had an immediate pullback.
buy premarin online https://www.arborvita.com/wp-content/themes/twentytwentytwo/inc/patterns/new/premarin.html no prescription
There’s a 20% minimum move before going in opposite direction even if it’s just a wick,” he said on Twitter.
The fellow trader and analyst ‘Crypto Hamster’ also made similar statements between the 2018 final dump into crypto winter, stating:
“It is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now.”
It is too obvious to be true, but I have to admit that the drop from 6k to 3k and the following price action indeed looks very similar to what we have now (the scale is different, of course).$BCT $BTCUSD #bitcoin pic.twitter.com/HFt0DfydlD
— CryptoHamster (@CryptoHamsterIO) October 6, 2019
Even though a dump to $3,000 is still a long way off, $6,000 is looking closer each day for BTC as the bear market momentum continues.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post