Bitcoin (BTCUSD) has made a confirmed Bearish Cross on MACD on the 1D time-frame. Every such formation within 2022 has so far been extremely bearish, marking a top to a subsequent aggressive price fall. It may be above the 1D MA50 (blue trend-line) and still within a Channel Up but we've seen similar patterns leading to MACD Bearish Crosses, followed by price falls.
Currently BTC has failed to break even the 0.236 Fibonacci retracement level where it was rejected exactly on July 30 and the 1D MA200 (orange trend-line), which is intact since December 31 2021, is on the 0.5 Fib level, a strong Resistance.
Do you think it is time for Bitcoin to finally invalidate a MACD Bearish Cross and prove that the Bear Cycle is indeed over? Feel free to share your work and let me know in the comments section below!
2 days back, this guy posted a chart saying the bottom is in, and new bull cycle starting here. Now, he post a chart showing more bearish action. Playing both sides I see.
Lemur1986
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@arbitgiri I think you missed the point here. It’s a “is this time different?” post.
@arbitgiri, I guess you don't understand the concept of various signals on different time-frames right? If you don't the market will teach you a very painful and expensive lesson. Also why you assume the person behind a profile is always "a guy"?
arbitgiri
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@TradingShot, 'guy' is used in a gender neutral manner. By 'guy', I meant 'person'.
Osemka8
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I swear all of these posts on TV are counter indicators