Immediately you can see that that BTC is ranging between my white horizontal support line and the 200MA which is on the rise towards the 50MA and that's where the trouble is.
1) The fact that Bitcoin does not have the needed to go over such a small resistance point (the 200MA) is a big red flag.
2) The 200MA in on the rise towards the 50MA which will create the dreaded death cross on the . Typically once this happens any asset will stay under the 50MA for a few weeks, you also have to take that as a big red flag.
Below I will post examples of recent death crosses on the daily and what it looks like weeks after it happens. To be clear a death cross is when the 50MA crosses down the 200MA, which signals that the asset has lost its momentum and it will tumble down until it gets to an attractive buying point.
LITECOIN DEATH CROSS
ETHEREUM DEATH CROSS
NEO DEATH CROSS
BNB DEATH CROSS
XRP DEATH CROSS
GOLD DEATH CROSS -
NOW, THE LEGEND;
Support are green
Resistance are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going down
THE OUTLOOK: Buy as it dips andbuy more the closer we get to $100.00
Be safe and follow me to make money and stay ahead of the curve.
Xena Exchange Resident https://xena.exchange