HybridTraderX

BTC / USD Daily Time Frame Death Cross Count Down

BITFINEX:BTCUSD   Bitcoin
Count down to the estimated time of the Death Cross. Bitcoin will have to pull off something spectacular in these 10 day's. We all know Bitcoin has done the impossible in the history of Bitcoin. The clock is ticking. Bitcoin before its staidly decline in the past few weeks has not shown any true recovery yet! After 94 day's of a continuous bearish divergence where price was increasing and the RSI was decreasing as shown in the descending triangle on the RSI. Can Bitcoin make a miraculous recovery and break or invalidate the Bearish Divergence on the RSI to break the top of the descending triangle on the RSI. Together with the Bearish Divergence there is a Head & Shoulders Pattern that formed reaching the bearish target as shown on the chart. In the past when there has been a Death Cross (50 MA crossing down on the 200 MA) the Bitcoin price has continued to decline in a pro longed Bear Market. For Bitcoin to recover Bitcoin must break the 21 EMA and hold above it. Recently the bitcoin price was rejected at this level of the 21 Daily EMA.

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