Tuesday, September 29, 2020


   Several crypto analysts on Twitter seemed happy to see Bitcoin's price rise last night. However, it looks like the important momentum gauge indicator on Bitcoin is saying the opposite this morning.

Several indicators show Bitcoin has just turned bearish for the first time in a week since April 2020. This was done right after the rebound on Black Thursday and the rally after the halving.

Bitcoin MACD Weekly Indicator Heads Bearishly

The king of the cryptocurrency, Bitcoin, closed above $ 10,750 last night, unfortunately that level doesn't look like it can be maintained any further. This morning, the direction of Bitcoin seems to be turning downwards.

Bitcoin Turns Down, Any Unexpected Results Will Happen?

Bitcoin reversal to the bearish direction seen from the MACD indicator, often indicates an extended period of time on the downside. Moreover, this morning Bitcoin opened its price in a decline since the first time since April 2020. After the uptrend with the pullback, a deeper correction is possible.

This condition, is not necessarily bad. Some analysts see, this condition can also be Bitcoin momentum to move quickly upwards. As was the case in 2017, when this largest cryptocurrency turned down, before finally rising rapidly towards its highest level.

The MACD indicator itself is used as a momentum measuring tool. If there is a reversal after the bullish moment, it can indicate how strong the bullish moment is.

Where will the Bitcoin price go?

According to the analysts, if you compare the last market cycle, they are worried that Bitcoin will be at point A as in the chart below.

Point A above occurs when MACD changes are bearish on irregular timeframes but results in small dips not seen on the chart. After that, Bitcoin was traded side ways for the next 200+ days.

However, at that moment, the end of the bear market saw Bitcoin soar from its value of $ 1,000 to $ 20,000. If this happened at its present value, predicted at its present value of $ 10,000, it could make the crypto asset worth over $ 200,000 per coin in the future.

  All of that, depending on the conditions that will occur after the current market conditions.

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