HOME CATEGORIES WRITE AND EARN ๐Ÿ”
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Major Bitcoin Price Indicator Flips Bearish but Yearly Return Still at 100%

Bitcoin 2019/12/07 13:11 by Lorenzo Stroe
86% Of Ethereum Holders Are Now At Loss - Will The Booming DeFi Be The Savior For ETH?

The price of Bitcoin has been quite indecisive for the past 3 days as the bulls are currently trying to set a daily higher low. The bulls have experienced two fakeouts already, however, the bears are not getting any kind of continuation afterward either.

The bulls are trying to break above the 12-period EMA on the daily chart, however, the 4-hour chart is key now. The bulls need to set an uptrend on the 4-hour chart in order to confirm a daily higher low. The daily trading volume continues to decrease but the MACD has turned bullish on the daily chart.

Monthly MACD Turns Bearish for the First Time in 1 Year and a Half

The monthly MACD has turned bearish, however, it will not be confirmed until the end of the month or until a massive and decisive crash. According to Omkar Godbole, the bearish MACD cross is not necessarily as bad as some investors might think.

Omkar also mentions that there are a few signs of seller exhaustion, for instance, shorts on Bitfinex remain really low even though Bitcoin has been in a downtrend for quite some time now.

Major Bitcoin Price Indicator Flips Bearish but Yearly Return Still at 100%

The MACD is a lagging indicator, which means itโ€™s not exactly the best to predict upcoming market moves. The last time the MACD crossed bullishly was back in June when Bitcoin was already almost at the top of the bull move to $13,700. If a trader used that bull cross as an indicator to buy, he would have lost a lot of money as Bitcoin started its downtrend a month later.

Clearly, the MACD is not the best indicator to predict the future. Trading volume, however, can indicate when a digital asset is close to a break, whether it is to the upside or downside.

Bitcoin Trading volume was increasing fast during the first half of 2019, however, it has been slowly deteriorating on almost all exchanges. This indicates that a big move is close to happening but might still take a few more months before it materializes.

The post Major Bitcoin Price Indicator Flips Bearish but Yearly Return Still at 100% appeared first on ZyCrypto.

1 Like(s)



You should also read...

Bitcoin 17/11/19 20:30 by Cole Petersen
Bitcoin May Be Forming Long-Term Bottom as Bulls Fight Back
After an extended period of trading sideways around $8,500, Bitcoinโ€™s bulls have begun to fight back, pushing the crypto towards $8,700. In spite of this upwards movement today, it is important to n...
Read More
Bitcoin 20/11/19 15:48 by Lorenzo Stroe
Bearish Volume Remains Feeble As Bitcoin Bulls Struggle To Keep Price Above $8,000
Bitcoin has remained in a daily downtrend for the past two weeks and the price keeps falling slowly but steady. The only good news for investors is the lack of trading volume which indicates that only...
Read More
Altcoins 26/11/19 08:28 by Lorenzo Stroe
Ethereum, Cardano, XRP Pick Up Steam As Bitcoin Looks To Rebound
Bitcoin is currently bouncing back hard after the bulls defended $6,515. The digital asset dropped below $7,000 again and the bears were able to bring BTC down to $6,515 within the next 5 hours, howe...
Read More
Altcoins 10/04/20 13:44 by Lorenzo Stroe
Bitcoin Price Abruptly Falls to $6.8k โ€“ Ethereum and XRP Feeling the Heat
After a month in a daily uptrend, Bitcoin is now, for the first time, dangerously close to losing it. The digital asset dropped down to $6,853 and the bulls are currently defending the 12-period EMA ...
Read More
Altcoins 09/05/20 19:47 by Olivia Brooke
This analyst believes exchanges will spearhead the next bearish Bitcoin tide, but CZ strongly vouches for Binance
The majority of Bitcoin proponents have remained bullish as they go all-in on the oldest and most valued cryptocurrency the world has ever known. With whales betting big on Bitcoin, buying pressure h...
Read More