Bitcoin EUR Death Cross MA cross happened
Hi everyone,
Moving Average Analysis
We see that on the daily chart, the 50 day moving average has crossed the 200 day moving average today. The day is not closed yet, but so far we see the crossing.
This is called the Death Cross, and is NOT something we see often in the history of Bitcoin. Generally facing a Death Cross, we are heading for a down trend or a push down in the market/price.
The Bulls have the last days put up a huge fight to try to avoid it I think, by closing above the 200 day MA. They were strongly rejected by resistance and we can see that the 200 day EMA is pushing it down on the 4 hour chart, keeping the market in check for what's to come.
I don't think that this is bad thing that is happening right now at all. We continue trading and adjust our trading strategy according to market and signals we are getting, and it is not at all the Death of Bitcoin. It just confirms that Bitcoin is not done correcting yet, and paving way for the 3 major impulse wave up towards EUR 40.000. It just wants to hit the proper bottom.
I have an idea already posted on the Eagle View Perspective.
Not investment advice! As a trader you are responsible for your own trades ;)
Happy Trading! May blessings follow you wherever you go.
Moving Average Analysis
We see that on the daily chart, the 50 day moving average has crossed the 200 day moving average today. The day is not closed yet, but so far we see the crossing.
This is called the Death Cross, and is NOT something we see often in the history of Bitcoin. Generally facing a Death Cross, we are heading for a down trend or a push down in the market/price.
The Bulls have the last days put up a huge fight to try to avoid it I think, by closing above the 200 day MA. They were strongly rejected by resistance and we can see that the 200 day EMA is pushing it down on the 4 hour chart, keeping the market in check for what's to come.
I don't think that this is bad thing that is happening right now at all. We continue trading and adjust our trading strategy according to market and signals we are getting, and it is not at all the Death of Bitcoin. It just confirms that Bitcoin is not done correcting yet, and paving way for the 3 major impulse wave up towards EUR 40.000. It just wants to hit the proper bottom.
I have an idea already posted on the Eagle View Perspective.
Not investment advice! As a trader you are responsible for your own trades ;)
Happy Trading! May blessings follow you wherever you go.
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