{"id":19288,"date":"2022-01-06T07:30:56","date_gmt":"2022-01-06T12:30:56","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=19288"},"modified":"2022-01-06T07:30:56","modified_gmt":"2022-01-06T12:30:56","slug":"its-a-bad-news-and-good-news-moment-for-bitcoin","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/its-a-bad-news-and-good-news-moment-for-bitcoin\/","title":{"rendered":"It\u2019s a Bad News and Good News Moment for Bitcoin"},"content":{"rendered":"

The bad news is bitcoin looks like it’s headed lower.<\/p>\n

The good news is a decline from here will give bitcoin bulls<\/a> a chance to buy at lower prices.<\/p>\n

The last time we looked at the King of Cryptocurrencies was about one month ago<\/a>.<\/p>\n

Back then, Market Minute<\/em> analyst Eric Shamilov wrote that bitcoin had reached his downside target. But since the move happened over a weekend, most folks probably didn’t get a chance to buy it below $46,000.<\/p>\n

Well, it looks like we may get a second chance. In fact, it looks like we may soon be able to buy bitcoin quite a bit lower.<\/p>\n

Take a look at this chart…<\/p>\n

\"Chart\"<\/div>\n

Bitcoin has lost about 30% of its value over the past two months.<\/p>\n

That decline has pushed the cryptocurrency below the three various moving averages we follow (the blue, red, and green lines).<\/p>\n

And, those moving averages are now stacked in a bearish<\/a> formation with the short-term 9- and 20-day exponential moving averages<\/a> (red and green lines) below the intermediate-term 50-day moving average<\/a> (blue line).<\/p>\n

So, all of those moving averages now offer resistance<\/a> on any rally attempt.<\/p>\n

This chart looks bearish for the short term.<\/p>\n\n\n\n
\n

Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Bitcoin is sitting right on support at $46,000. It has tested this level several times over the past month. So far, support<\/a> has held.<\/p>\n

But, the bounces have been weak…<\/p>\n

Bitcoin just hasn’t been able to climb back above any of its moving average lines. And, with those moving averages stacked in a bearish formation, this increases the likelihood that support will eventually fail.<\/p>\n

If that happens, bitcoin is most likely headed towards its late-September low near $42,000. A really strong decline could see the King of Crypto test the $38,000 level.<\/p>\n

Traders who missed the chance to buy bitcoin last month when it tumbled to $42,000 late on a Friday night (or rather, early on a Saturday morning) should hold out a little while longer and see if the cryptocurrency loses support in the days ahead.<\/p>\n

We may soon have a chance to buy it even cheaper in a couple of weeks.<\/p>\n

Best regards and good trading,<\/p>\n

\"signature\"<\/p>\n

Jeff Clark<\/p>\n

<\/p>\n

Reader Mailbag<\/h2>\n

Do you think now\u2019s a good time to get in on low bitcoin prices, or do you think it will go even lower?<\/p>\n

Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com<\/a>.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

We may get a second chance…<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-19288","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/19288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=19288"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/19288\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=19288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=19288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=19288"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=19288"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=19288"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=19288"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=19288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}