{"id":536546,"date":"2023-06-05T23:41:13","date_gmt":"2023-06-05T23:41:13","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=536546"},"modified":"2024-06-11T07:08:04","modified_gmt":"2024-06-11T07:08:04","slug":"bitcoin-weekly-momentum-crosses-bearish-for-first-time-in-2023","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-weekly-momentum-crosses-bearish-for-first-time-in-2023\/","title":{"rendered":"Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023"},"content":{"rendered":"

In a significant development this week, Bitcoin price has crossed bearish on the weekly LMACD (Logarithmic Moving Average Convergence Divergence), marking the first time this has occurred in 2023.<\/p>\n

Does this mean further decline for BTCUSD, or do bulls still have a chance to save the recent uptrend?<\/p>\n

Bitcoin Momentum Takes A Turn For The Bears<\/h2>\n

Last night, the weekly candle in BTCUSD opened with a bearish crossover of the LMACD. Today, we saw a key support level fail at $27,000, prompting the cryptocurrency’s value tumble to $25,000.<\/p>\n

This bearish crossover and selloff interestingly coincides with an announcement from the SEC about enforcement action against the cryptocurrency giant, Binance.<\/p>\n

Related Reading: Cardano (ADA) A Security? Price Collapses On SEC v. Binance Lawsuit<\/a><\/div>\n

The SEC claims that Binance allegedly provided trading of unregistered securities to US traders. The list of securities included several top altcoins.<\/p>\n

The timing of the legal action, technical indicator crossover, and selloff, gives weight to Sir John Templeton’s axiom, “show me the chart and I’ll tell you the news.” In other words, major news events often appear to be reflected in price movements and can be predicted by watching chart patterns.<\/p>\n

\"Bitcoin<\/p>\n

There is a bearish cross on the weekly LMACD | BTCUSD on TradingView.com<\/a><\/pre>\n
Why The Crossover Might Not Crater Crypto<\/h2>\n
However, while the crypto market may be responding to immediate news, it’s essential to interpret these developments within a broader context. If momentum continues to descend from the zero line, we may witness a resumption of the prior bearish trend, which could pose challenges for Bitcoin investors.<\/p>\n
Nevertheless, as seasoned traders will recall, the last time Bitcoin experienced a similar momentum downturn from this level on the LMACD was just before the 2020 bull run. Despite the initial bearish crossover, the downtrend proved to be short-lived, paving the way for significant upward price appreciation.<\/p>\n
Related Reading: Why This Is The Most Important Bitcoin Chart You’ll See This Week<\/a><\/div>\n
Looking at historical precedent, it’s possible that the current bearish turn may not be as dire as it initially seems. However, investors and traders should continue monitoring BTCSD weekly LMACD along with other technical indicators and major news events, maintaining a balanced and comprehensive perspective of the market.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
In a significant development this week, Bitcoin price has crossed bearish on the weekly LMACD (Logarithmic Moving Average Convergence Divergence), marking the first time this has occurred in 2023. Does this mean further decline for BTCUSD, or do bulls still have a chance to save the recent uptrend? Bitcoin Momentum Takes A Turn For The Bears Last night, the weekly candle in BTCUSD opened with a bearish crossover of the LMACD. Today, we saw a key support level fail at $27,000, prompting the cryptocurrency’s value tumble to $25,000. This bearish crossover and selloff interestingly coincides with an announcement from the SEC about enforcement action against the cryptocurrency giant, Binance. Related Reading: Cardano (ADA) A Security? Price Collapses On SEC v. Binance Lawsuit The SEC claims that Binance allegedly provided trading of unregistered securities to US traders. The list of securities included several top altcoins. The timing of the legal action, technical indicator crossover, and selloff, gives weight to Sir John Templeton’s axiom, “show me the chart and I’ll tell you the news.” In other words, major news events often appear to be reflected in price movements and can be predicted by watching chart patterns. There is a bearish cross on the weekly LMACD | BTCUSD on TradingView.com Why The Crossover Might Not Crater Crypto However, while the crypto market may be responding to immediate news, it’s essential to interpret these developments within a broader context. If momentum continues to descend from the zero line, we may witness a resumption of the prior bearish trend, which could pose challenges for Bitcoin investors. Nevertheless, as seasoned traders will recall, the last time Bitcoin experienced a similar momentum downturn from this level on the LMACD was just before the 2020 bull run. Despite the initial bearish crossover, the downtrend proved to be short-lived, paving the way for significant upward price appreciation. Related Reading: Why This Is The Most Important Bitcoin Chart You’ll See This Week Looking at historical precedent, it’s possible that the current bearish turn may not be as dire as it initially seems. However, investors and traders should continue monitoring BTCSD weekly LMACD along with other technical indicators and major news events, maintaining a balanced and comprehensive perspective of the market. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":494472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790],"class_list":["post-536546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Weekly Momentum Crosses Bearish For First Time In 2023<\/title>\n<meta name=\"description\" content=\"In a significant development this week, Bitcoin price has crossed bearish on the weekly LMACD (Logarithmic Moving Average Convergence Divergence), marking\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/shenyangcang.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023","url":"http:\/\/shenyangcang.com\/news\/bitcoin-weekly-momentum-crosses-bearish-for-first-time-in-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bitcoin-weekly-momentum-crosses-bearish-for-first-time-in-2023\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/06\/bitcoin-bear-1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/06\/bitcoin-bear-1.png?fit=641%2C381"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt"],"dateCreated":"2023-06-05T23:41:13Z","datePublished":"2023-06-05T23:41:13Z","dateModified":"2024-06-11T07:08:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Weekly Momentum Crosses Bearish For First Time In 2023\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-weekly-momentum-crosses-bearish-for-first-time-in-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bitcoin-weekly-momentum-crosses-bearish-for-first-time-in-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-bear-1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/bitcoin-bear-1.png?fit=641%2C381\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-06-05T23:41:13Z\",\"datePublished\":\"2023-06-05T23:41:13Z\",\"dateModified\":\"2024-06-11T07:08:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2022\/06\/bitcoin-bear-1.png?fit=641%2C381","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/536546"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=536546"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/536546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/494472"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=536546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=536546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=536546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}