BitcoinShort
BTC Incoming Price Drop? (Head and Shoulders + Death Cross)
⚠️ URGENT ⚠️
BTC Technical Analysis - Daily Time Frame
We are just moments away from potentially breaking the neckline of a very large Head and Shoulders pattern that has been forming for months on the daily / weekly time frames
Breaking the bottom neck line (Yellow Verticle Line) will confirm this
My potential price targets (shown as red lines on chart) are
24,000
20,000
14,000
12,000
Death Cross
In addition to this yesterday, Bitcoin's 50 day moving average crossed below the 200 day moving average known as the "Death Cross"
(This cross is known to be a "lagging" indicator meaning that massive bearish price action has already occurred and does not gaurantee further bearish price action)
but the probability of a price trend continuation has historically been a reliable indication for traders when it crosses either up or down.
These are very bearish signals and traders/investors should proceed with extreme caution until further invalidation of these bearish indications while looking for long entries.
I personally will remain bearish until a daily close above 42,000 occurs.
NOTE: This does NOT change the overall bullish perspective for Bitcoin and Cryptocurrency as a whole in the long term.
Markets move in cycles, and it is healthy for an asset to retrace back to the median after a massive rally (as scary as it may seem)
**This is not financial advice and I am not a financial advisor, please do your own research and make your own decisions. Trading and investing in cryptocurrency is very high risk and is subject to extreme volatility at any time**
Side note: I have only been trading and doing technical analysis for around 2 years. I am always up to discuss similar or opposing views and would love to hear any constructive criticism.
Stay safe!
BTC Technical Analysis - Daily Time Frame
We are just moments away from potentially breaking the neckline of a very large Head and Shoulders pattern that has been forming for months on the daily / weekly time frames
Breaking the bottom neck line (Yellow Verticle Line) will confirm this
My potential price targets (shown as red lines on chart) are
24,000
20,000
14,000
12,000
Death Cross
In addition to this yesterday, Bitcoin's 50 day moving average crossed below the 200 day moving average known as the "Death Cross"
(This cross is known to be a "lagging" indicator meaning that massive bearish price action has already occurred and does not gaurantee further bearish price action)
but the probability of a price trend continuation has historically been a reliable indication for traders when it crosses either up or down.
These are very bearish signals and traders/investors should proceed with extreme caution until further invalidation of these bearish indications while looking for long entries.
I personally will remain bearish until a daily close above 42,000 occurs.
NOTE: This does NOT change the overall bullish perspective for Bitcoin and Cryptocurrency as a whole in the long term.
Markets move in cycles, and it is healthy for an asset to retrace back to the median after a massive rally (as scary as it may seem)
**This is not financial advice and I am not a financial advisor, please do your own research and make your own decisions. Trading and investing in cryptocurrency is very high risk and is subject to extreme volatility at any time**
Side note: I have only been trading and doing technical analysis for around 2 years. I am always up to discuss similar or opposing views and would love to hear any constructive criticism.
Stay safe!
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