{"id":567240,"date":"2021-06-09T14:38:45","date_gmt":"2021-06-09T11:38:45","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=567240"},"modified":"2021-06-09T14:38:45","modified_gmt":"2021-06-09T11:38:45","slug":"bitcoins-50-week-ma-could-produce-a-nice-relief-rally-btc-analyst","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoins-50-week-ma-could-produce-a-nice-relief-rally-btc-analyst\/","title":{"rendered":"Bitcoin&#8217;s 50-Week MA Could Produce a Nice Relief Rally &#8211; BTC Analyst"},"content":{"rendered":"<ul>\n<li><strong>Bitcoin&#8217;s symmetrical triangle has broken to the downside<\/strong><\/li>\n<li><strong>Bitcoin continues to trade below the 200-day moving average<\/strong><\/li>\n<li><strong>A death cross is on the horizon for Bitcoin<\/strong><\/li>\n<li><strong>However, the 50-week moving average could produce a relief rally at the $28k &#8211; $29k price area<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Bitcoin (BTC)<\/a> could be gearing up for a relief rally at the 50-week moving average. This is according to analysis shared by popular BTC analyst, MagicPoopCannon, who also pointed out that <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-could-drop-to-28k-if-it-does-not-reclaim-the-200-day-ma\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Bitcoin&#8217;s symmetrical triangle<\/a> that had formed since mid-May, has finally broken to the downside. Furthermore, the 50-week MA could provide an area for a nice bounce at the $28k to $29k price area.<\/p>\n<p>Magic&#8217;s analysis of Bitcoin&#8217;s ongoing price action can be <a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1402028071188942852\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">found below<\/a> accompanied by the daily BTC\/USDT chart highlighting the symmetrical triangle and the 50-week MA.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">The symmetrical triangle in <\/span><span class=\"r-18u37iz\">#BTC<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">has finally broken to the downside. Expect further downside continuation, with a potential for massive support around the 28,0000-29,000 level. A hold of the 50 week MA could produce a nice relief rally. A failure there could cause panic selling.<\/span><\/p><\/blockquote>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th.png\"><img class=\"aligncenter size-full wp-image-567241\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th.png\" alt=\"\" width=\"950\" height=\"585\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th.png 950w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th-300x185.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th-770x474.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th-500x308.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th-240x148.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/BTCUSDT-June-9th-717x442.png 717w\" sizes=\"(max-width: 950px) 100vw, 950px\" title=\"\"><\/a><\/p>\n<h2>Bitcoin&#8217;s Death Cross Seems Inevitable<\/h2>\n<p>Also from the chart, it can be observed that Bitcoin continues to trade below the 200-day moving average (green) with the <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-dreaded-death-cross-on-the-daily-chart-beckons\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">earlier mentioned death cross<\/a>, destined to occur in the next few days. Therefore, the relief rally mentioned by Magic might be short-lived given the fact that Bitcoin is very much in <a href=\"https:\/\/en.ethereumworldnews.com\/25-of-bitcoin-users-have-fled-since-tesla-stopped-accepting-btc\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">bear territory<\/a>.<\/p>\n<h2>Bitcoin Trading Below the 200-day MA Signals the End of a Bull Market<\/h2>\n<p>In addition, and regarding Bitcoin trading below the crucial 200-day moving average, BTC and crypto analyst, <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-will-probably-reach-10m-in-our-lifetimes-btc-analyst\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Timothy Peterson<\/a>, had earlier this week warned that BTC trading below this crucial metric had always marked the end of a bull run. <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1401886562749648900\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">His analysis<\/a> of Bitcoin can be found below alongside a chart he shared demonstrating the historical significance of the 200-day moving average.<\/p>\n<blockquote><p><span class=\"r-18u37iz\">Bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u00a0price has dropped below 200-SMA for 17 consecutive days and counting. This metic has *always* marked the end of a bull run and the start of a bear market.<\/span><\/p><\/blockquote>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA.jpg\"><img class=\"aligncenter size-large wp-image-567242\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-1024x311.jpg\" alt=\"\" width=\"1024\" height=\"311\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-1024x311.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-300x91.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-770x234.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-1536x467.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-2048x622.jpg 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-500x152.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-240x73.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-717x218.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/06\/Peterson-BTC-below-200-MA-1347x409.jpg 1347w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s symmetrical triangle has broken to the downside Bitcoin continues to trade below the 200-day moving average A death cross is on the horizon for Bitcoin However, the 50-week moving average could produce a relief rally at the $28k &#8211; $29k price area Bitcoin (BTC) could be gearing up for a relief rally at the 50-week moving average. This is according to analysis shared by popular BTC analyst, MagicPoopCannon, who also pointed out that Bitcoin&#8217;s symmetrical triangle that had formed [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":565690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6962,1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/567240"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=567240"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/567240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/565690"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=567240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=567240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=567240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}