Though I hate to say it, BTC seems to be nearing a Death Cross (when the 50MA crosses below the 200MA) on the daily chart. This is one of those super classic moving average (MA) strategies that finds it way in most intro to technical analysis books and honestly a lot of people trade it. I would expect volume to start rolling in as these two MAs keep inching towards each other. Bulls are desperate to prevent further blood loss and the bears are eager for follow through.
Also, note the potential bear flag formation that pushed price action below what was a major Support Level and the 200MA. A rejection here will confirm that support has now become resistance. There appears to be some general confluence in favor of the Bears . If the Bulls really want to turn this ship around then they will need to regain $40k at the least.
What are your thoughts? Where do you see BTC going?
BTCUSD
Also, note the potential bear flag formation that pushed price action below what was a major Support Level and the 200MA. A rejection here will confirm that support has now become resistance. There appears to be some general confluence in favor of the Bears . If the Bulls really want to turn this ship around then they will need to regain $40k at the least.
What are your thoughts? Where do you see BTC going?
BTCUSD
