• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

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

Written by:
Aeon Flux
Published on:
15 September 2020
Thoughts:
No comments yet

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 trend linesBTCUSD 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

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd

Categories: Bitcoin, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,404)
  • Ethereum (1,621)
  • News (5,031)

Recent Posts

  • 6 Dividend-Paying Stocks Worth Buying 14 May 2022
  • Is Bitcoin Still Worth to HODL? The History of Previous Declines > 50% Tells You Yes 14 May 2022
  • What I’ve Learned From Investing in the Cryptocurrency Market for 5 Plus Years 13 May 2022
  • The Differences in Blockchain Infrastructure: A Comparison of Solana, Polkadot, and Fantom 13 May 2022
  • Jungle Freaks NFT Review: Using NFTs as a Vehicle for Change 13 May 2022

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web