BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Bitcoin has been showing extremely bearish price movements in a bearish trend . Though many people think that the bottom is in and that bitcoin is due for a bounce, the monthly chart suggests otherwise.

Bearish Evidence

- Last time we had a death cross on the moving average convergence divergence ( MACD ) on the month chart was in July 2018.
- After that dead cross, we saw a 64% move down.
- The Novermber candle has just closed days ago, and we are looking at a potential death cross for December 2019.
- Though we have seen bounces in the MACD moving averages, the likelihood of this happening on the monthly chart is very low, as the MACD on the monthly charts have only shown clear golden and death crosses.

Market Sentiment:

Bulls have gained more confidence, as the long short ratio sits at 49:51

What We Believe

As people are still optimistic about the market, with a lot of bulls thinking the bottom is in, we believe that there is more room to go down, especially with an incoming potential death cross on the monthly MACD , a clear sign that the market is bearish . As mentioned in our previous analysis, unless we see strong signs of reversals backed by strength, volume , and momentum, all the small bounces that we witness during our way down may most likely be due to bears' attempts to provide liquidity in the market for their increase in short exposure, or their taking profits from short positions.

Trade Safe.

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Just a bit of news for you brotha :)
Many people are seeing it - you could be one of the last
W1 C Wave Down.
I feel that the standard MACD code used isn't that great compared to the one i use , since my MACD on the monthly crossed over 1st Oct and is looking to do a bullish crossover within a month or two most likely anyways nice TA! PM i will give you the code
I've been seeing it. Doesn't look good.
@GunMoney, We agree. Thank you for your comment!
we are the decembre 2 , don't panic .. The candle is small at the moment
XForceCrypto about_blank
@about_blank, We believe that the trend is your friend. The most important part to note in the monthly MACD is that historically, it has never bounced or shown rapid signs of a reverse.
XForceCrypto Captain_Jack_Sparrow
@Captain_Jack_Sparrow, Thank you captain!
Check the weekly and you will see the Golden cross that is a bout to happen. 50 MA crossing over the 100 MA.
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