BTC Bitcoin: Death Cross Scenarios
Updated
Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for the Bitcoin (BTC).
The Bitcoin price on the one day timeframe is about to meet with a Death-Cross (50 MA goes below 200 MA). Historically the Death-Cross is a bearish lagging signal which indicates the price may drop. It doesn't always happen but when it does, the price falls quite a bit. The chart shows that the prior Death-Cross got to the multi-month support trend line before it started moving back up. Assuming that happens again, the price may drop but there is a good chance it gets supported by the support trend line. If the price doesn't drop, keep an eye on the upcoming red Ichimoku Cloud which may be an area of resistance. Volume has dropped again and RSI is about the reach the resistance line.
Shown in the chart: Rising Wedge Pattern, Ichimoku Cloud, Support and Resistance Trend Line, Death-Cross, Simple Moving Average, Relative Strength Index, and Volume.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
The Bitcoin price on the one day timeframe is about to meet with a Death-Cross (50 MA goes below 200 MA). Historically the Death-Cross is a bearish lagging signal which indicates the price may drop. It doesn't always happen but when it does, the price falls quite a bit. The chart shows that the prior Death-Cross got to the multi-month support trend line before it started moving back up. Assuming that happens again, the price may drop but there is a good chance it gets supported by the support trend line. If the price doesn't drop, keep an eye on the upcoming red Ichimoku Cloud which may be an area of resistance. Volume has dropped again and RSI is about the reach the resistance line.
Shown in the chart: Rising Wedge Pattern, Ichimoku Cloud, Support and Resistance Trend Line, Death-Cross, Simple Moving Average, Relative Strength Index, and Volume.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Note
The death cross may be playing out now. Keep an eye on the multi-month support line.
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