On the above 2-day charts every 2-day death cross throughout Bitcoin’s history is shown. There’s four of them to be exact, with the fifth incoming. A 2-day death cross is when the 2-day/50-day SMA (blue line) crosses down the 2-day/200-day SMA with price action below the 2-day/200-day SMA.
Without question, a 2-day death cross will generally see 30% to 70% (maximum) drawdown.
Bitcoin will print a death cross before February 20th.
Only in November 27th 2011 was the death cross invalid resulting in a 266% increase in price action. The remaining crosses all resulted in significant drawdowns.
Was a sell / buy indicator printing in the previous death crosses? Will tell you afters ;)
Good luck!
WW
Without question, a 2-day death cross will generally see 30% to 70% (maximum) drawdown.
Bitcoin will print a death cross before February 20th.
Only in November 27th 2011 was the death cross invalid resulting in a 266% increase in price action. The remaining crosses all resulted in significant drawdowns.
Was a sell / buy indicator printing in the previous death crosses? Will tell you afters ;)
Good luck!
WW
Note
A lot of panicky messages, "Are you serious!?" etc... The 2-day death cross is printing whether we like it or not, it would be wrong not to recognise it. That's emotion, we don't that here. That said, it is very unlikely a massive drop is seen.
The folks who sold their Bitcoin at $33k remain although not in as many numbers. Of those that remain, they simply must sell no matter the size of the loss. If you're not one of them, $39k to 40.2k is the line in the sand in the short term.
Trade active
Panic stations to maximum alert. 2-day death cross now prints.What's it going to be? 70% Drop / 70% rise?
Note
A lot of messages now the 2-death cross confirms. Are we going to $30k? $20k? I had hoped the history above was singing what would happen ;) Look left people.. A closer look at the previous 2-day death crosses discussed above and what happened in the days and weeks that followed:
#1 March 31st, 2020
Price action rallied 60%
#2 July 24th, 2018 (was market top)
Price action rallied 10%
#3 October 2nd, 2014
Price action rallied 50%
#4 November 29th, 2011
Price action rallied 175%
Trade closed: target reached
That's all folks. Sure price action might swing +/- 2-3k, but it is irrelevant. The worst of the selling is now behind us. If you're hoping for lows $30k, even $20k which I see doing the rounds.. it's not going to happen.For the 4th time ever in Bitcoin's price action history on the 5-day chart a 'incredible buy' signal is printed. What an opportunity.
Good luck!
WW
Note
Might be worth sharing as I understand there some nervous tension about.."Keeps crashing?! Thoughts... "
Thoughts? Yes. Switch off the computer and return to this place in one month ;-)
Will be back above $50k before you know. There's folks out there 100% driven by emotion, they must sell when Putin speaks and buy when Elon tweets.
Similar to the last chart published above, the 4-day chart (below) prints 'incredible buy'. This has only happened three times before. These signals only print when the market is incredibly emotional, such as it is now. There's no confidence. We're like headless chickens running round in circles. Personally I rather stand in the circle and watch the chickens go, very entertaining.
4-day chart:
On the 8hr (which does not mean at lot to be honest, I'm more interested in what next week and next month will do rather than tomorrow afternoon, I'm not a day trader) a 'great buy' signal is printing within a bullish falling wedge pattern as price action tests the golden ratio.
Note
Ever since the 2-day death cross price action has been trending downward just as in the previous death crosses.I’m updating this ideas because there’s some interesting observations and I think you’d like to know.
1) This little head and shoulders pattern forming on support suggests a $30k target.
2) That target is taking the current 25% correction since the death cross to a 36% correction.
3) The head and shoulders pattern is not confirmed until May 10th earliest. A candle body must close below support.
4) Head and should patterns are trend reversal patterns. i.e. you see one at the top of a rally, it suggests a downtrend will be likely. You see one at the bottom of a rally..
5) Woah WW I’m confused, are you saying it’s not bearish? Look left. On the same 2-day chart above is shown below using Heikin Ashi. If you don’t know what they are, think of it this way, the capture the trend of price action rather than showing the actual price action. What did I just say about trends in head and shoulders patterns?!
6) If sellers continue to be driven by panic as seems likely, there’s a further interesting observation. These sell offs on the 2-day see price action return to the sell off point within a couple of months.
Lastly, watch for price action closing above $42k in the month of May. There’s a projection for price action by early 2025 forming on the monthly chart that would have most falling off their chair, which makes these swings in current price action seem like a rounding error.
Ww
Note
Honestly a really can't be bothered re-writing this story... so you're going to have to do something awful. ADHD readers are already struggling reading this far..A 2 day death cross has printed. Read the idea, look at the pictures of the main charts to know what happens next.
2 day
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.