{"id":57589,"date":"2019-10-23T04:58:48","date_gmt":"2019-10-23T02:58:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=57589"},"modified":"2019-10-23T09:22:01","modified_gmt":"2019-10-23T07:22:01","slug":"bitcoin-price-reversal-candle-rally-stops","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-price-reversal-candle-rally-stops\/","title":{"rendered":"Bitcoin Price Prints Reversal Candle as Rally Stops at $8,300"},"content":{"rendered":"<h2><strong>Bitcoin Drops After Strong Sunday<\/strong><\/h2>\n<p>Over the weekend, <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\">Bitcoin<\/a> (BTC) started to show signs of a bullish reversal. On Sunday, in fact, the cryptocurrency surged by 6% from $7,900 to $8,350 or so within a day&#8217;s time.<\/p>\n<p>Altcoins followed suit, with a majority of large caps like Ethereum and XRP also experiencing 4% to 8% bounces from yesterday\u2019s low. Monero, BSV, and BCH, and 0x experienced more dramatic gains of above 10%.<\/p>\n<p>At the time, this move made many analysts bullish. <a href=\"https:\/\/twitter.com\/alistairmilne\/status\/1185988828726738945\" target=\"_blank\" rel=\"follow noopener noreferrer nofollow\" data-wpel-link=\"exclude\">Prominent cryptocurrency trader Alistair Milne<\/a> pointed out on Sunday that this move higher allowed Bitcoin to break above a symmetrical triangle pattern that originated in mid-September.<\/p>\n<p>But, the bull trend is already ending, <a href=\"https:\/\/twitter.com\/BigChonis\/status\/1186832445204762624?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1186832445204762624&amp;ref_url=https%3A%2F%2Fen.ethereumworldnews.com%2Fwp-admin%2Fpost-new.php\">according to Chonis anyway<\/a>. The popular trader said in a tweet that Bitcoin&#8217;s daily Heikin Ashi candle chart recently printed a reversal candle of the previous trend, which was bullish. This, he claims, implies that a &#8220;bearish trend [is] now being established.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> &#8211; daily \u201cHeikin Ashi\u201d closes as reversal candle from previous trend, which was bullish so bearish trend now being established&#8230;<a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/hZDuJAc9Lr\" rel=\"nofollow\">pic.twitter.com\/hZDuJAc9Lr<\/a><\/p>\n<p>&mdash; Big Chonis Trading\ud83c\udf44 (@BigChonis) <a href=\"https:\/\/twitter.com\/BigChonis\/status\/1186832445204762624?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Indeed. As of the time of writing this, the leading cryptocurrency has found itself changing hands for $8,085 \u2014 down 2% in the past 24 hours. In other words, bulls are already back on the sidelines after a day or two in the spotlight.<\/p>\n<h2><strong>What&#8217;s Next?\u00a0<\/strong><\/h2>\n<p>This may leave you wondering \u2014 what&#8217;s next?<\/p>\n<p>Well, right now, analysts are divided.<\/p>\n<p>A Bitazu Capital partner found that the Relative Strength Index, positive Directional Indicator, and negative Directional Indicator all have to reset to an important horizontal level,\u201d he argued before adding that \u201csuch levels have only one job: to turn the BTC price around.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">RSI, +DI &amp; -DI all have reset to an important horizontal level.<\/p>\n<p>Such levels have only one job &amp; that is to turn the <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> price around. <a href=\"https:\/\/t.co\/0uvZWzfQqj\" rel=\"nofollow\">pic.twitter.com\/0uvZWzfQqj<\/a><\/p>\n<p>&mdash; Mohit Sorout \ud83d\udcc8 (@singhsoro) <a href=\"https:\/\/twitter.com\/singhsoro\/status\/1185825685618585600?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Aside from that, a model that has predicted Bitcoin\u2019s trends to at least an 80% accuracy this year has shown that BTC will begin to trend higher into the coming year, and thus most likely bottomed at $7,700.<\/p>\n<p>Also, Brave New Coin\u2019s <a href=\"https:\/\/en.ethereumworldnews.com\/?s=Josh+Olszewicz\">Josh Olszewicz<\/a> found that BTC is looking more bullish than otherwise. \u201c4h $BTC \u2013 bull div held \u2013 range lows held \u2013 back above Bollinger Band midline (20SMA),\u201d he explained in a tweet.<\/p>\n<p>Again, there are still valid bearish arguments. The most notable of these bearish arguments is the impending \u201cdeath cross\u201d for the Bitcoin chart. Chonis recently remarked that Bitcoin\u2019s 50-day and 200-day moving averages are currently facing down a \u201cdeath cross\u201d that may come to fruition in the coming week.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> &#8211;  \u201cDeath Cross\u201d setting up on or about 10days \u201cish\u201d from now &#8230;check out what happened in 2018 when the MA50 crossed down into the MA200 on the daily <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> chart&#8230; <a href=\"https:\/\/t.co\/GkodPsv38g\" rel=\"nofollow\">pic.twitter.com\/GkodPsv38g<\/a><\/p>\n<p>&mdash; Big Chonis Trading\ud83c\udf44 (@BigChonis) <a href=\"https:\/\/twitter.com\/BigChonis\/status\/1184967556425060357?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@michaelbenz?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Michael Benz<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/dark?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Drops After Strong Sunday Over the weekend, Bitcoin (BTC) started to show signs of a bullish reversal. On Sunday, in fact, the cryptocurrency surged by 6% from $7,900 to $8,350 or so within a day&#8217;s time. Altcoins followed suit, with a majority of large caps like Ethereum and XRP also experiencing 4% to 8% bounces from yesterday\u2019s low. Monero, BSV, and BCH, and 0x experienced more dramatic gains of above 10%. At the time, this move made many analysts [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":57592,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[188,6971,7392,83,162,111],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/57589"}],"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\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=57589"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/57589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/57592"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=57589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=57589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=57589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}