{"id":58131,"date":"2019-11-14T12:00:44","date_gmt":"2019-11-14T10:00:44","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=58131"},"modified":"2019-11-14T07:12:52","modified_gmt":"2019-11-14T05:12:52","slug":"bitcoin-btc-price-may-be-ready-to-run-to-9000-as-bottom-pattern-forms","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-price-may-be-ready-to-run-to-9000-as-bottom-pattern-forms\/","title":{"rendered":"Bitcoin (BTC) Price May be Ready to Run to $9,000 as Bottom Pattern Forms"},"content":{"rendered":"<p>Once again, Bitcoin (BTC) has found itself in a lull, with volatility falling across the cryptocurrency board.<\/p>\n<p>While many see market lulls as indicators of impending price declines, as they signal a lack of market interest, popular Twitter trader Big Cheds has noted that Bitcoin, currently trading for $8,750, has formed a diamond bottom on the one-hour chart, implying that a move above $9,000 is well on its way.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> &#8211; Possible diamond bottom forming on 1 hour chart for short term rally <a href=\"https:\/\/t.co\/y3yPAaV22G\" rel=\"nofollow\">pic.twitter.com\/y3yPAaV22G<\/a><\/p>\n<p>&mdash; Cheds (@BigCheds) <a href=\"https:\/\/twitter.com\/BigCheds\/status\/1194669101274292225?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to\u00a0<a href=\"https:\/\/www.centralcharts.com\/en\/gm\/1-learn\/7-technical-analysis\/27-chart-patterns\/509-diamond-bottom\" rel=\"nofollow noopener\">CentralCharts<\/a>:<\/p>\n<blockquote><p>&#8220;A diamond bottom is a bullish, trend reversal, chart pattern&#8230; A diamond bottom has to be preceded by a bearish trend. This pattern marks the exhaustion of the selling current and investor indecision.&#8221;<\/p><\/blockquote>\n<p>Sure, Bitcoin may head higher before breaking down, but it seems that the cryptocurrency is readying for a medium-term to long-term bull run yet again. Here&#8217;s why, according to an array of technical indicator factors anyway.<\/p>\n<p>Firstly, a\u00a0bear cross of the 50-day exponential moving average and the 200-day exponential moving average was just averted. This implies that Bitcoin remains in a long-term bull trend, as golden and death crosses of these two moving averages have long been indicative of macro trends.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The 50 &amp; 200 EMAs on the 1D timeframe are a good indication of bull &amp; bear market. <br \/>They&#39;re much more clear than the regular DMAs.<\/p>\n<p>We still haven&#39;t had a bear cross. <br \/>Interesting.<a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/l7QTkDNplY\" rel=\"nofollow\">pic.twitter.com\/l7QTkDNplY<\/a><\/p>\n<p>&mdash; Byzantine General (@ByzGeneral) <a href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1193601118426796033?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 10, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Similarly, popular trader Filb Filb recently remarked that in the coming six or so weeks, the 50-week and 100-week simple moving averages will see a \u201cgolden cross,\u201d which was a sign that previously preceded long-term bull runs that brought Bitcoin to higher order of magnitudes than it was trading at before.<\/p>\n<p>And to put a cherry on the top of the cryptocurrency cake, analyst Crypto Thies noted that there is evidence to support the idea that Bitcoin found another long-term bottom when it crashed to $7,300 late last month: the price of BTC bounced decisively off the 0.618 Fibonacci Retracement of the entire move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average;\u00a0 and2019&#8217;s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.<\/p>\n<h2><strong>Eyes on the Bitcoin Chart<\/strong><\/h2>\n<p>Things are leaning in the favor of bulls, though it may be important for traders to keep their eyes peeled to the charts, as there is a bearish technical signal that could flash if the right conditions are met. Per <a href=\"https:\/\/en.ethereumworldnews.com\/bloomberg-bitcoin-btc-price-is-nearing-bearish-inflection-point\/\">previous reports from Ethereum World News<\/a>, Bitcoin has already plunged below its 50-day moving average and seems poised to move below the 200-day moving average. If the cryptocurrency moves under that level, it will imply that the loss of a medium-term bull trend has taken place.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@judebeck?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Jude Beck<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/sunlight?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Once again, Bitcoin (BTC) has found itself in a lull, with volatility falling across the cryptocurrency board. While many see market lulls as indicators of impending price declines, as they signal a lack of market interest, popular Twitter trader Big Cheds has noted that Bitcoin, currently trading for $8,750, has formed a diamond bottom on the one-hour chart, implying that a move above $9,000 is well on its way. $BTC #Bitcoin &#8211; Possible diamond bottom forming on 1 hour chart [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6971,83,162],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58131"}],"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=58131"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/58131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58150"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=58131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=58131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=58131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}