Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

Has Bitcoin Confirmed A Bullish Retest Of “Meme” Downtrend Line?

NewsBTC by NewsBTC
September 14, 2020
in Analysis, Bitcoin, btc, btcusd, BTCUSDT, crypto, Technical, XBT, xbtusd
0
Has Bitcoin Confirmed A Bullish Retest Of “Meme” Downtrend Line?
0
SHARES
3
VIEWS

Bitcoin price may be at among its most critical moments in its short just over a decade history. The cryptocurrency has over the last several days retested the all-important “meme” downtrend line extending from all-time high as resistance turned support.

After successfully holding, the bullish retest could be confirmed, and the last dip before Bitcoin’s next bull run could already be behind us.

Has Bitcoin Confirmed A Bullish Retest Of The “Meme” Downtrend Line?

Bitcoin price has spent three years trapped within a downtrend. This downtrend was capped off by a trendline that nearly everyone who has ever laid eyes on a BItcoin chart has likely also seen.

Few charts were shared over the last year without that key line connecting the all-time high and Bitcoin’s 2019 trip to $14,000. Because the cryptocurrency was so well contained by this well-known line, the trendline has become a “meme” throughout the crypto community.

According to Wikipedia, a “meme is an idea, behavior, or style that becomes a fad and spreads by means of imitation from person to person within a culture and often carries symbolic meaning.”

Although everyone is using this trend line, it doesn’t make it any less valid. In fact, it may be the most critical trend line the crypto asset has ever tested as resistance turned support.

Related Reading | Bitcoin Reaches 144 Weeks From All-Time High: Why This Number Matters

That bullish retest may be over and concluded, according to a zoomed in look at the “meme” trend line. Bitcoin fell below and closed a handful of daily candles below the trend line, but has since made its way back above it as of today. If the daily can close above and hold, it could be the last time the cryptocurrency ever trades below its boundaries.

BTCUSD Daily Meme Downtrend Line Retest Confirmed? | Source: TradingView

Could Another Downtrend Line Develop That Keeps The Cryptocurrency Trend Bearish A Bit Longer?

It is worth pointing out that nearly all other “meme” trend lines have turned out to be just another line meant to be broken but failed to lead to the bull market crypto investors are salivating over.

Looking back throughout the bear market, there have been several trend lines broken (red and blue) that resulted in more downside following, or another more dominant trend line developing.

btcusd trend lines

BTCUSD Daily Downtrend Lines Galore! | Source: TradingView

It also adds to the possibility that this latest meme trend line retest, isn’t all that special. It also could mean another game of the connect the dots will lead to yet another new, dominant trend line developing (purple).

Trend lines, like rules, are meant to be broken. They also can be used against traders especially when so many eyes are on the same crucial level. Chances of an increase in volatility or violent shakeouts are normal during important retests.

Related Reading | Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout

So while this retest already looks to be confirmed and bulls in charge, a trap is possible where bears push price action back within the trendline. If it holds, however, nearly everyone who has ever stared at a Bitcoin price chart will know this key line is breached, and it could trigger a massive wave of FOMO.

Featured image from DepositPhotos, Charts from TradingView
0
0

Related posts:

No related posts.

Previous Post

Crypto Market Analysis: 14th September 2020

Next Post

Crypto Roundup: September 14th, 2020

NewsBTC

NewsBTC

Next Post
Crypto Roundup: September 14th, 2020

Crypto Roundup: September 14th, 2020

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In