BTC Confirms 200 SMA as resistance - ENTER DEEP BEAR
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.
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.
Comment:
Here's a zoomed in view of the confirmatory price action. Buyers beware.
