Bitcoin

The crypto market is in fierce debate: is the top of the Bitcoin bull market in? Bears salivating for cheaper coins say yes, while bulls hell bent on seeing through stock-to-flow predictions say otherwise. But which is it? A secondary conflict surrounds the topic: “if that was a top, it sure doesn’t look like one.” And while that is indeed true, don’t have a cow, man. We’re about to explain why the most recent top ushered in the return of Bart Simpson, along with why the move likely happened the way it did. “If This Is The Top In Bitcoin, It Doesn’t Look Like A Top” Even if you aren’t a pro at technical analysis and couldn’t read a chart if your life depended on it, it is pretty clear that tops and bottoms come to a sharp point most of the time – signaling a rebound is ahead and the violence left behind. Rounded bottoms do commonly appear but are a slow grind of a process and tend to stretch across a long timeframe. Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken The shape and pattern of the recent Bitcoin “top” has many traders and analysts confused. Where is the blow-off phase? Where is the bearish retest? What type of pattern even is this? All of these questions are used as firepower to make an argument that this isn’t a top. The spiky pattern with several sharp peaks into resistance instead looks like the top of the head of a famous cartoon character: Bart Simpson. Bart moves are back in BTC | Source: BTCUSD on TradingView.com via Twitter I’m Bart Simpson, Who The Hell Are You? The character Bartholomew JoJo Simpson, or Bart for short, first appeared on The Tracey Ullman Show in 1987 as a short. A dedicated show first aired in 1989 and it has been running ever since. The animated character is a TV icon, and the show is a pop culture phenomenon that’s adored by millions. So why then, when Bart appears on the Bitcoin price chart do crypto traders get so upset? Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern “Bart moves” as the community calls them, result from low liquidity. During such phases, whales can easily push price action through trading ranges. Bitcoin at more than a trillion dollar market cap tames the overall liquidity argument, but when order books are thin because everyone is holding, a whale can just as easily make waves as we’ve recently seen. This high timeframe Bart move is the largest on record, and shows that more coins being exchanged are necessary to further price appreciation. Order books should be stacked for further upside. For now, the cryptocurrency is back to being a whale’s playground – either until buying or selling picks up to an extreme. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500. Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels. The price is currently trading near $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA. Bitcoin Price is Facing Key Hurdles Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500. The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term. More Losses in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level. The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,000, followed by $36,000. Major Resistance Levels – $39,500, $40,000 and $40,500.

Bitcoin price failed to clear the key $40,000 resistance zone against the US Dollar. BTC is correcting gains and it remains at a risk of more losses towards $36,000 or $34,000. Bitcoin is struggling to clear the $40,000 and $40,500 resistance levels. The price is currently holding the $37,000 support and the 100 hourly simple moving average. There was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate lower if it breaks the $37,000 support and the 100 hourly SMA. Bitcoin Price Struggles Below $40K Bitcoin broke the $40,000 resistance and extended its recovery wave. BTC even cleared the $40,500 level and settled well above the 100 hourly simple moving average. However, the bulls failed to gain strength above $40,500. A high was formed near $40,923 and the price corrected lower. There was a break below the $40,000 support level. Moreover, there was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair. The pair gained pace below the 50% Fib retracement level of the upward move from the $36,472 low to $40,923 high. Bitcoin is currently holding the $37,000 support and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the upward move from the $36,472 low to $40,923 high is also acting as a support zone. On the upside, an immediate resistance is near the broken triangle support at $38,500. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A proper close above the $40,000 resistance zone could start a strong increase. More Losses in BTC? If bitcoin fails to clear the $39,500 resistance, there is a risk of more downsides. An initial support on the downside is near the $37,000 level. The first major support is near the $36,000 pivot level. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,500, followed by $36,000. Major Resistance Levels – $38,500, $39,500 and $40,000.

Bitcoin price is still below $40,000, after just weeks ago trading at over $64,000 per coin. The selloff shocked market participants of all sizes, prompting fears that the bull market is now over and a bear phase is next. A trader who predicted this recent collapse months in advance using high timeframe technical analysis, now fears that a bear market could follow. But it all comes down to the pivotal June monthly close. Here’s why. Bitcoin At Risk Of Bear Market If Bulls Can’t Close June At New Highs When it comes to technical analysis, the highest timeframes offer the most dominant signals. This means that regardless of what’s going on on daily or shorter timeframes, if the weekly, monthly, or higher say the trend is up, that’s the direction the market heads. Reversals have to begin on the smallest timeframes, however, it is within the high timeframe charts where the earliest warning signs are visible. This is no different for Bitcoin, Ethereum, or any financial asset or cryptocurrency. Related Reading | Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next The problem is, on a rarely used high timeframe segment on the Bitcoin price chart, the top cryptocurrency is exhibiting an extremely bearish structure. A sharp-eyed trader has spotted a hidden bearish divergence on the RSI across the five-month timeframe. Three-months, six-months, or a year are more commonly used, but that doesn’t discount the effectiveness of the segment. Bear markets have always started off with a wick like the above | Source: BLX on TradingView.com High Timeframe Technicals Point To Bear Market, According To Trader With Track Record This is the same trader that spotted the first ever bearish divergence on the Bitcoin quarterly chart. The signal confirmed and the top cryptocurrency dropped by more than 50% in its worst monthly candle on record. Bulls can undo the damage done and prevent an evening star pattern from forming on the monthly if they can close May above $45,000. However, it is the June close that would also finalize the five-month candle above. Related Reading | The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever The candle currently has the largest upside wick into resistance in the history of the chart, showing that bears were ready and waiting. Each wick left on the five-month timeframe, was followed by a bear market. Is this time different, or is a bear market coming to crypto before Bitcoin ever gets to six figures like the market expects? And could that expectation cause the bear market to be the worst on record as investors finally give up on the dream? Anything is possible, but bulls have a little over a month to take Bitcoin to such highs, or else the RSI could turn down and this bearish signal could confirm. Featured image from Deposit Photos, Charts from TradingView.com

Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term. Bitcoin is showing positive signs above the $37,000 and $38,000 resistance levels. The price is trading nicely above the $37,000 zone and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher above the $39,500 and $40,000 resistance levels. Bitcoin Price Aims Upside Break Bitcoin corrected lower after testing the $40,000 resistance zone. BTC declined below $38,000, but it remained supported near the $37,000 zone and the 100 hourly simple moving average. A low was formed near $36,500 and the price started a fresh increase. It broke the $37,000 and $38,000 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. There was also a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $37,000 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. The main resistance is still near the $40,000 zone. A clear upside break above the $40,000 resistance zone could spark a strong upward move. The next major resistance is near the $42,000 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. Dips Supported in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,200 level. The first major support is still near the $37,000 zone and the 100 hourly SMA. If there is a downside break below the $37,000 support, the price could decline towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $38,200, followed by $37,000. Major Resistance Levels – $39,500, $40,000 and $42,000.

Bitcoin price collapsed by more than 50% from its recent highs set only one month ago. The sharp decline now represents that largest drop in the history of the cryptocurrency – but there’s still several days left for the monthly candle to close. That means bulls can undo the damage done by the recent crash, and keep the structure of the bull market intact. To do so, however, the price per BTC must climb back to a key level now lost, and it must do it before the month comes to an end. Why Bitcoin Bulls Were Blindside By The Biggest Monthly Selloff Ever Bitcoin price was in an uptrend for over a year, capped off by the introduction of Coinbase Global on the Nasdaq stock market. Exuberance at the time was as high, driven by a potential “new paradigm” in crypto. Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning Wall Street and institutions were finally here. There was no way the market would correct, according to the crowd. Yet it did and because no one saw it coming it was especially disastrous. Over-leveraged longs were wiped out to the tune of billions, and those that were overexposed in other ways quickly regretted it. Edwards’ custom tool shows the worst month on record | Source: BTCUSD on TradingView.com The blitzkrieg resulted in the worst ever monthly candle on record, according to Bitcoin expert Charles Edwards. Edwards is responsible for creating some of the greatest tools in crypto, such as the Hash Ribbons indicator. His custom “drop %” tool shows how bloody things got (pictured above), but other analysts were quick to argue that there’s still time left in the monthly to change the data. Evening Star Pattern: Can Crypto Bulls Undo The Damage Done? This also means that bulls have a chance to undo the devastating candlestick pattern that’s been left on the price chart of Bitcoin. A slow month in April with very little movement resulted in a red doji candle at the height of an uptrend, followed by an enormous showing by bears. The pattern is called an “evening star pattern” and is a reversal of epic proportions, often signaling more red to follow. However, if bulls can leave a wick behind measuring roughly 50% of the red candle, it can also be quite a statement. Bulls have to close above here to undo the pattern | Source: BTCUSD on TradingView.com If Bitcoin price can close back the monthly candle above around $45,000 the evening star pattern will be defended for now. The next monthly candle will need to be green to ensure the bull market is still intact, otherwise, bears will complete the pattern in their follow up. Related Reading | Building The Case That The Bitcoin Bottom Is In Closing above the level could also keep the monthly RSI in the bull market territory, preventing a larger breakdown and fall into a bear market. Can Bitcoin bulls undo the worst monthly candle on record? Featured image from iStockPhotos, Charts from TradingView.com

Bitcoin price gained bullish momentum above the $38,000 resistance against the US Dollar. BTC is now consolidating gains and it is likely to remain supported near $37,000. Bitcoin started a steady increase above the $37,000 and $38,000 resistance levels. The price is now trading above the $37,000 zone and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to protect the $37,000 zone and the 100 hourly SMA. Bitcoin Price Turns Green Bitcoin remained well bid above the $35,000 level and it started a fresh increase. BTC broke the key $37,000 resistance zone and the 100 hourly simple moving average to move into a positive zone. The price even broke the $38,000 level and extended its upward move. The price even tested the $40,000 resistance zone and a high is formed near $40,021. It is now consolidating gains below the $40,000 and $39,500 levels. There is also a short-term contracting triangle forming with resistance near $39,500 on the hourly chart of the BTC/USD pair. An initial support on the downside is near the $38,000 level. The 23.6% Fib retracement level of the recent wave from the $31,000 swing low to $40,000 zone is also near the $38,000 area. Source: BTCUSD on TradingView.com To start a fresh increase, bitcoin price must clear the $39,500 and $40,000 resistance levels. The next major resistance is near the $41,500 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. An intermediate resistance is near the $43,200 level. Dips Limited in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,000 level. The first major support is now forming near the $37,000 zone and the 100 hourly SMA. A downside break below the $37,000 support could lead the price towards the $35,550 support zone. It is near the 50% Fib retracement level of the recent wave from the $31,000 swing low to $40,000 zone. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level. Major Support Levels – $38,000, followed by $37,000. Major Resistance Levels – $39,500, $40,000 and $41,500.

Bitcoin price is back at $37,000, recovering from a frightening plunge to as low as $30,000. The selloff struck fear into the market unlike never before, making buying the dip a scary risk to take. However, there’s several signs that the bottom could be in, all while sentiment has turned fully bearish and the market expects far deeper lows. Could that in and of itself be a sign the bottom is in? Recapping The Recent Crypto Market Correction The recent peak in Bitcoin price was a “top” that very few saw coming even though from a technical standpoint, it was obvious. BTC was moving off exchanges and fundamentals supported much higher prices, but after such a strong run up, the top trending cryptocurrency was bound to correct. And correct it did – by a full 50% and then some. Historically it is one of the most severe bull market corrections. The severity of the Black Thursday move caused a polar opposite reaction to the upside. Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning But could a similar severity in the recent collapse also be a catalyst for propelling prices much higher, and not the beginning of a bear market as many would expect? For one, sentiment is ripe for a reversal. Stacking Up The Signs That The Bottom Is In For Bitcoin The crypto market fear and greed index is at one of the most frightened readings yet, after spending nearly a full year in greed mode. Contrarian investors all recommend buying the blood in the streets and being greedy when others are fearful. Being fearful while others were greedy, clearly has paid off for anyone who took out a short position at the top – as rare as that may have been. But there’s a lot more signs out there than that. BTC bounced right on rising RSI support | BTCUSD on TradingView.com Perhaps the biggest technical factor suggesting that Bitcoin has bottomed, is the fact that three-day Relative Strength Index has bounced off an ascending trendline that’s supported all of the past bottoms in crypto. There’s a bounce in December 2018 and again on Black Thursday – and once again now. A similar story can be seen in the chart above which also includes a look at how the 2017 bull market held a similar rising support structure. Related Reading | Broken Parabola: Mapping Out The Bitcoin Bull Market And More A bottom here, suggests one more impulse in Bitcoin before the bull market has ended. That means that the pain from the recent shakeout isn’t yet over, as sellers could be forced to FOMO back in a much higher prices, helping to drive the fury of the final impulse. Interestingly, the crash landed right where the parabolic curve for the greater bull trend would support another base to rise higher, adding more credence to the bottom being in. A long-term bull trend is still holding | BTCUSD on TradingView.com Also on the three-day, Bitcoin price is holding in the Ichimoku cloud after piercing below it. At support there’s a bullish hammer candle forming. If bulls can follow through here and push the leading cryptocurrency by market cap out of the cloud, the bull market will remain unbroken and new highs will be in the forecast. Remember, technicals said a top was in and no one saw it coming. Currently, things are some what mixed but the case for the bottom builds by the day. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin price tested the $30,000 support and it is now recovering higher against the US Dollar. BTC is likely to face a strong selling interest near $37,000 and $38,000. Bitcoin extended its decline and it even traded close to the $30,000 support. The price is now well below the $38,000 resistance and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to face a strong selling interest near the $37,000 zone and the 100 hourly SMA. Bitcoin Price is Facing Hurdles Bitcoin failed to stay above the $35,000 support and it extended its decline. BTC even broke the $32,000 support zone and it settled well below the 100 hourly simple moving average. It almost tested the $30,000 support zone and a low was formed near $31,037. Recently, it started an upside correction above the $32,000 and $33,000 levels. There was a break above the 50% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low. Bitcoin is now facing resistance near the $35,800 level. It represents the 61.8% Fib retracement level of the recent decline from the $38,827 swing high to $31,037 swing low. Source: BTCUSD on TradingView.com The main resistance is now forming near the $37,000 level. There is also a key bearish trend line forming with resistance near $37,000 on the hourly chart of the BTC/USD pair. The 100 hourly simple moving average is also near the $37,000 resistance zone. A clear break above the trend line resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $40,000 level. An intermediate resistance is near the $38,000 level. Fresh Drop in BTC? If bitcoin fails to clear the $37,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $34,000 level. The first major support is now forming near the $32,000 zone. A downside break below the $32,000 support could start a fresh decline towards the $30,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $34,000, followed by $32,000. Major Resistance Levels – $35,800, $37,000 and $38,000.

Bitcoin price plummeted faster and lower than anyone expected, leaving behind a trail of liquidations and investors in shock. Crypto prices across the board tanked by more than 50%, and in most cases have already rebounded by at least 25% of what was lost. The sudden rollercoaster after such a steep ascent makes sense, sending volatility soaring. Except even with this much mayhem across the market right now, it is still nothing compared to what the cryptocurrency is used to. This fact could suggest that the bull market has only just begun with the latest crash. Comparing Crypto To A Thrill-Filled Theme Park Ride Theme parks can be a blast. Rollercoasters are especially fun, but definitely can give you a good scare. The ride starts slowly, slow building and rising in a methodical manner to keep anticipation climbing as heights increase. Once you get high enough, it is hard not to stop paying full attention to the ride to get a load of the view. It is in that moment when the momentum turns and in a flash you’re back where your started. Sound familiar? Related Reading | Lack Of “Capitulation” Volume Suggests Bitcoin Is Doomed To More Downside Bitcoin, like rollercoasters, can have a lot of twists and turns, and this latest crash hasn’t been very different than the cryptocurrency’s usual behaviors. The last year of “only up” has been a lot more unusual. Bitcoin usually rises and falls, wiping out 60 to 70% from the price per coin and market cap. It is only now with a mere 50% crash that volatility is picking up, suggesting either further collapse, only the start of the bull run, or possibly both scenarios. Historical volatility suggests that the Bitcoin is only just getting warmed up | Source: BTCUSD on TradingView.com HODL On: Notorious Bitcoin Volatility Has Only Just Returned Historical volatility is a tool used to measure – just like it sounds – how volatile an asset is throughout its history. When Bitcoin was in the earliest phases of price discovery, volatility was insanely high, and after the dust settled, it stayed flat for several years. It wasn’t until late 2017 when although prices had appreciated in crypto, the bull market really got going and historical volatility returned to Bitcoin. Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken Except it lasted for an even shorter phase than before. Even the small bullish impulse to $14,000 in mid-2019 resulted in more volatility overall in the cryptocurrency market. Today, even with a massive $28,000 per coin collapse, volatility in Bitcoin is still uncharacteristically low. This latest shock to the market, might only be the start of a storm that’s to come. Can you hold on and survive? Featured image from iStockPhotos, Charts from TradingView.com

Bitcoin price is recovering losses and trading above $40,000 against the US Dollar. BTC is likely to accelerate higher if there is a clear break above the 100 hourly SMA at $42,000. Bitcoin is showing signs of a decent recovery above the $40,000 level. The price is now facing resistance near $42,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $42,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to start a strong rally if it settles above $42,000 and the 100 hourly SMA. Bitcoin Price Starts Recovery Bitcoin remained stable above the $36,500 and $38,000 support levels. BTC extended its recovery wave above the $40,000 resistance level and moved into a short-term positive zone. There was a clear break above the 50% Fib retracement level of the last key decline from the $45,774 swing high to $29,748 swing low. Moreover, there was a break above a major bearish trend line with resistance near $42,000 on the hourly chart of the BTC/USD pair. The pair is now facing resistance near $42,000 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last key decline from the $45,774 swing high to $29,748 swing low is also acting as a resistance. Source: BTCUSD on TradingView.com A clear break above the $42,000 zone and the 100 hourly simple moving average could open the doors for a larger rally. An immediate resistance is near the $43,200 level. The next major resistance is near the $45,775 level. A close above the $45,775 level could set the pace for a move towards the $48,000 resistance zone. Fresh Drop in BTC? If bitcoin fails to clear the $42,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $40,000 level. The first major support is now forming near the $38,000 zone. A downside break below the $38,000 support could start a fresh decline towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $40,000, followed by $38,000. Major Resistance Levels – $42,000, $43,200 and $45,775.