BTC Confirms 200 SMA as resistance - ENTER DEEP BEAR

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
864 7
BTC has confirmed the 200 SMA as resistance for the first time since 2014. This is a massive development. Price bounced PERFECTLY off the 200 SMA confirming it perfectly. See the circled areas.

This is the single biggest indicator of where this market is heading - down. It would be hard to find a more obvious bearish sell signal. Like in 2014 and 2015, there might be weak rallies to try and get above, and price may find temporary support, but if the past is any indication, bitcoin is going to be subject to underlying price weakness for at least 6-12 months as the price fully corrects before we start another bull rally.

I fully expect the 2019 bull rally to surpass anything we've seen to date.
Mar 23
Comment: Here's a zoomed in view of the confirmatory price action. Buyers beware.

till down around 2k, first must broke a lot off support 6,9-7,2k / 6-6,2k / 5,2-5,4k / 4,2-4,8k/ ...and so. Lower then 6k i do not think so it will go
Here's a question though: since the crypto market is moving much faster than regular stocks, doesn't that mean the equivalent SMA indicator should be less than 200?
karlkrawall karlkrawall
@karlkrawall, 150 touches the bottoms on the daily pretty nicely. I am still learning, don't know if this makes sense.
Yeah minimum 4.2K is coming, and I suspect that we are going to 2K to let everybody think crypto is done.
+1 Reply
there is inverse H and S coming if it is confirmed then 10k for sure and thee we can have a drop
Sooo is this the famous death cross? Do we wait for the golden cross to show back up.
+1 Reply
hockeyfan1974 Supertraderboy
@Supertraderboy, I'm not so concerned about the death cross, but confirmed trading under the key support from the 2 year bull rally is a major red flag.
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