Bitcoin remains in an area of indecision as it heads into the typically low volume weekend.
The world’s largest cryptocurrency is currently trading at $43.200 having experienced a slight bounce from the $40,000 region this week.
However, the relief bounce to the upside has coincided with a fearsome daily death cross, which has seen the 50 exponential moving average cross the 200 EMA to the downside for the first time Bitcoin’s previous macro downtrend in June.
This is a worrying signal for investors as it indicates that short term momentum has shifted to a point where the macro trend also appears to be down.
In order for Bitcoin to buck the trend and truly form a reversal, it needs to trade back above the $53,000 level of resistance to break the cycle of lower highs.
Creating a series of higher lows from $40,000 could trigger a reversal, but it’s worth noting that the odds are currently stacked against the cryptocurrency market.
A more likely scenario is another rejection from the $44,000 to $46,400 region before it makes another low around $37,300 before the end of the month.
At that stage, unless Bitcoin enters another period of accumulation, it would be in a troublesome bear market, with eventual targets going as far as the 2017 high of $20,000.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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