Bearish Cross on 3-Day (only third time in BTC's history)
I've labeled this "short" but PLEASE take that with a grain of salt, and I will pre-empt this quick TA with my usual get-out-of-jail-free card: No matter what point price we're at or what has happened before, Bitcoin can ALWAYS go in either direction and there will ALWAYS, in retrospect, be some kind of technical analysis-based explanation/rationalization for the move.
That said...
On the 3-day chart, the blue 10 simple moving average just crossed over the pink 200 exponential moving average. Looking back to the last two times this happened, both instances preceded the plunges into the bear markets. The first time, we had a 60% drop into the 2014-2015 bear market, and the second time was a 48% drop into the 2018-2019 bear market.
Does that mean the same thing will happen now?
Nope.
Just pointing out the facts.
Bitcoin can ALWAYS go either way. Go on Crypto YouTube at any given moment and you'll find the videos split between people convinced and confident we are about to moon and providing very solid TA to back up their analysis and people convinced and confident we are about to dump and providing equally solid TA to back up their analysis :)
Good luck and happy trading!
That said...
On the 3-day chart, the blue 10 simple moving average just crossed over the pink 200 exponential moving average. Looking back to the last two times this happened, both instances preceded the plunges into the bear markets. The first time, we had a 60% drop into the 2014-2015 bear market, and the second time was a 48% drop into the 2018-2019 bear market.
Does that mean the same thing will happen now?
Nope.
Just pointing out the facts.
Bitcoin can ALWAYS go either way. Go on Crypto YouTube at any given moment and you'll find the videos split between people convinced and confident we are about to moon and providing very solid TA to back up their analysis and people convinced and confident we are about to dump and providing equally solid TA to back up their analysis :)
Good luck and happy trading!