{"id":5446,"date":"2020-11-14T19:00:53","date_gmt":"2020-11-14T19:00:53","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449752"},"modified":"2020-11-14T19:00:53","modified_gmt":"2020-11-14T19:00:53","slug":"bitcoin-tests-key-parabolic-trendline-as-uptrend-shows-signs-of-slowing","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-tests-key-parabolic-trendline-as-uptrend-shows-signs-of-slowing\/","title":{"rendered":"Bitcoin Tests Key Parabolic Trendline as Uptrend Shows Signs of Slowing"},"content":{"rendered":"

Bitcoin has seen some brutal price action throughout the morning, with overleveraged long positions being shaken out with a brief dip down to $15,700, while those panic shorting were then liquidated by a sharp rebound.<\/p>\n

This price action has allowed the cryptocurrency to begin inching higher and moving to retest its $16,000 support level, which could once again act as slight resistance.<\/p>\n

This level has been acting as support for the past few days, but a continued bout of trading below it could strike a heavy blow to bulls.<\/p>\n

BTC’s recent price action<\/a> seen throughout the past few days and weeks has led to the formation of a parabolic trendline, elucidating the overwhelming control that buyers have had over the benchmark cryptocurrency’s price action as of late.<\/p>\n

However, this trendline is now being tested, and whether or not buyers can defend it should provide some serious insights into the cryptocurrency’s near-term outlook.<\/p>\n

A break below this level could confirm its recent $16,500 highs as a long-term top.<\/p>\n

Bitcoin Reels Below $16,000 as Selling Pressure Mounts<\/strong><\/h2>\n

Following a bout of stability above $16,000, Bitcoin<\/a> has faced some sudden inflows of selling pressure that have caused it to plunge beneath this key level.<\/p>\n

This comes just one day before the cryptocurrency closes its next weekly candle, which will be vital for gaining insights into its mid-term outlook.<\/p>\n

If it closes below $16,000, it could be a grim sign that indicates $16,500 will be a local top. A close above this level, however, could help send it flying significantly higher.<\/p>\n

While BTC’s momentum stalls, altcoins are actually seeing some immense strength. This trend may persist so long as BTC consolidates and doesn’t see any immense decline.<\/p>\n

BTC Tests Parabolic Trendline as Bears Try to Break Uptrend<\/strong><\/h2>\n

At the moment, Bitcoin is testing a key parabolic trendline that has been formed and respected throughout the past few months.<\/p>\n

A break below this trendline could mark an end to the intense gains that the cryptocurrency has been seeing as of late.<\/p>\n

One trader spoke about this in a recent tweet<\/a>, questioning whether or not the parabola will survive.<\/p>\n

\n

“BTC: Can the parabola survive?” He concisely asked while pointing to the below chart.<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Josh Olszewicz. Source: BTCUSD on TradingView<\/a>.<\/pre>\n
Tomorrow’s weekly candle close should provide greater insights into where the cryptocurrency<\/a> will trend next.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen some brutal price action throughout the morning, with overleveraged long positions being shaken out with a brief dip…<\/p>\n","protected":false},"author":1,"featured_media":5447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-5446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5446"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5446"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5447"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}