BitcoinShort
Bitcoin Monthly MACD flipping RED.
So the MACD on Monthly blinked Red for the first time for BTC after Jul 1 2018 and Feb 1, 2020
In both cases, the price dropped around 60% from the moment it occurred - right down to the previous ATHs.
Closing the month in red like this, below $38.500 would validate this signal and most likely continue downwards in a correction wave with relief bounces.
Given this scenario, the bottom line of defense is $19.500-20.000, just where the MA 200 lies and exactly where the previous ATH was.
Remember, this ATH was never tested as support, it just shot through it like a rocket and never went back - and BTC <3 testing old resistances and flipping them to support.
Personally, I’ will stay in stables unless the MACD is invalidated which would mean bulls are taking over.
BTC after Jul 1 2018 and Feb 1, 2020In both cases, the price dropped around 60% from the moment it occurred - right down to the previous ATHs.
Closing the month in red like this, below $38.500 would validate this signal and most likely continue downwards in a correction wave with relief bounces.
Given this scenario, the bottom line of defense is $19.500-20.000, just where the MA 200 lies and exactly where the previous ATH was.
Remember, this ATH was never tested as support, it just shot through it like a rocket and never went back - and BTC <3 testing old resistances and flipping them to support.
Personally, I’ will stay in stables unless the MACD is invalidated which would mean bulls are taking over.
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