The last time BTC came this close to a death cross (50MA crossing below 200MA), we had a massive bull run to new highs. This time, there are more favorable indicators in addition to this: 1. Imminent break out of the wedge 2. Inverse H&S 3. Elliot Wave. Please refer to my previous chart to see those. I wanted to keep this one clean so you could see exactly how BTC behaved the last time something like this happened. Good luck! :)
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PS I have stopped looking at 1H and even 4H Chart for Cryptocurrencies. Those are instruments of whale hunt as have been proven time and time again. The big picture takes a lot of ammo to mess with though and is clear most of the time.
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China is most likely going to announce opening of Crypto Trading in the next few days. This is going to be the push the market needs for BTC to break out of this wedge towards new highs for 2018.
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Retest of the blue support line this week. Bullish recovery starts Monday most likely. Positive news from China or a BTC ETF or some big news of similar magnitude will thrust it upwards.
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When you see this many bears and very few bulls around, you know this is the bottom. Same as when you see so many bulls around and few bears, you know it's the peak.
Dear Fakhan, do you whatch at ETC/BTC pair? There are a lack of good TA here on this pair? In case you do, could you please share with us. Thank you in advance.
Your fan :)
Jefe
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@Kiberezhik, I will do. Right now ETCBTC isn't very useful.
Kiberezhik
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Thank you. I adore your optimism :)
Exess17
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What is your information regarding China coming from?
mrcarneasada
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Hope you're right! Just curious, what makes you say China will reopen crypto trading anytime soon?