BTC Death Cross

1 มิ.ย. 2021

Bitcoin has broken out of the descending wedge which is usually bullish and a reversal sign but as of right now things are looking pretty bearish, this could be short term keep that in mind. We are stuck below the 0.5 FIB level and are seeing some red today. The 21 SMA has crossed the 200 day officially and this indicator is very bearish (Death cross) historically looking at past death crosses we see a pretty significant drop, this could be the case for us today but could also be a smaller drop in price. We could possibly find support on the top of the descending wedge. The MACD looks pretty bearish as we just saw a cross of the blue MA and the orange MA, aswell the Macd lead is curling heavily downwards with our MA's looking to follow. As you can see we have printed a so far red bar of the histogram and this could be the beginning of a downside few days. Also could just last for a day or two no one really knows, but i can see this playing out as we are in a mini bear market for the time being, i don't think this lasts we should start to see some bullish momentum sometime in the next week or so, hopefully. Not financial advice just my opinion!