There are several moving averages directly above us on the 1hr and 4hr time frames, as well as the daily. But perhaps the most significant resistance overhead is the daily 50 and 200 which are very close. They are about to produce the famous Death Cross. What price effect will this have on BTC? I think the likely hood that we reverse and blast thru all the resistances overhead within the next few days are very unlikely. The more likely scenario is that the price falls to the purple 300 day moving average level, and perhaps even breaks through it.
With continuous lower highs, within this downtrend i think the far more likely outcome is continued downside and that the Death Cross is not a dud. However trading is all about probabilities and risk, we will wait to see how the market will react and asses there.
This is not a trade
300 Day SMA is breaking down