Bearish crossover between 20 SMA and 50 SMA

In today’s update, we want to draw attention to a bearish crossover between the 20-day SMA and the 50-day SMA. This development confirms the presence of a very weak downtrend and bolsters the bearish case in the short term. Therefore, we will pay close attention to the support at $28,574. If it is taken out, then it is very likely we will see Bitcoin test $28,000.

Illustration 1.01
Illustration 1.01 shows the daily chart of BTCUSD. The yellow arrow indicates a bearish crossover between the 20-day SMA and 50-day SMA.

Illustration 1.02
Illustration 1.02 displays the daily graph of BTCUSD and sloping support. If the support is broken to the downside, it will further bolster the bearish odds in the short term.

Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Slightly bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.

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DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.