Over the past day or two, Bitcoin (BTC) has started to settle in a price range, the low-$8,000s. As it stands, the crypto market seems somewhat directionless, stuck between resistances and supports above and below its current price. However, it is important to note that Bitcoin is moving very near to a key historical level — one that may reveal if BTC is in a macro bull or bear trend.
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Lose $7,900, And It’s Over for Bitcoin Bulls
Bitcoin is on the edge of a cliff, according to a key indicator anyway. The indicator in question, the Super Trend, “which can give you precise buy or sell signal in a trending market” by using moving averages and other simple technical indicators.
According to the one-week Bitcoin chart, the Super Trend baseline is currently sitting at $7,900. A weekly close under that level, according to the analyst, means that a bear market will ensue, as it will signal that the long-term bull trend has technically ended.
$7900 is an important support now.
If it breakdown –> Welcome to bear market.
If it bounce around here –> Bull market continue.#BTC #Bitcoin pic.twitter.com/4RyvH1tS1B— Ezy Bitcoin (@CTBTCTH) November 19, 2019
This isn’t the first time that an analyst has highlighted the importance of the Super Trend baseline. As reported by NewsBTC previously, a trader going by “Dyme” wrote that “Traditionally in a bull market Bitcoin weekly stays above ATR.”
This isn’t the only evidence suggesting that $8,000 will be of utmost importance for Bitcoin to close above in coming trading sessions. Jacob Canfield, a professional Bitcoin trader, recently took to his Youtube channel to explain why this price level does carry so much clout.
The post If Bitcoin Prices Loses $7,900 on Weekly, the Bull Market May End appeared first on NewsBTC.
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