Bitcoin at a new Death Cross in a couple of days
Updated
Everybody spoke about the Golden Cross. And when I say "everybody", I mean that everyone did point the attention to it. Golden Cross corresponded to a huge dip due to the Corona - Covid19 situation. Many institutionals sold positions in cryptocurrencies to cover positions in the stock market and so on. Fine.
From over 10k $ we went to below 4k $.
So, the virus seems to have affected also the Golden Cross. What about this Death Cross? Well, the last DC saw a huge rise in the BTCUSD price and that was maybe connected to SL hunt.
From yesterday volumes are low and today I got a nice Short position on Bitcoin.
WHAT DO I EXPECT NEXT?
On the 4H we have broken on the upper level of Kumo. Breaking it, often brings to the other limit of the cloud, in 5260$ area, with a possible dynamic support on MA50.
Level 5900$ is broke and I am now looking at a short position, but I will wait tomorrow for the opening of the Stock Markets, and see what news will come out
From over 10k $ we went to below 4k $.
So, the virus seems to have affected also the Golden Cross. What about this Death Cross? Well, the last DC saw a huge rise in the BTCUSD price and that was maybe connected to SL hunt.
From yesterday volumes are low and today I got a nice Short position on Bitcoin.
WHAT DO I EXPECT NEXT?
On the 4H we have broken on the upper level of Kumo. Breaking it, often brings to the other limit of the cloud, in 5260$ area, with a possible dynamic support on MA50.
Level 5900$ is broke and I am now looking at a short position, but I will wait tomorrow for the opening of the Stock Markets, and see what news will come out
Trade closed: stop reached
Trade Closed. Illimitate Quantitative Easing from the FED was not considered in this scenario. Take care: huge injections of liquidity are potential good pumps in the short term (more cash = more purchase power), but on the long term they imply great deflation of fiat currencies, making people loose purchase power. Remember Venezuela (2016-now) and Zimbabwe (1998 and following years)
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