Bitcoin - If this then that
If we continue on this path the 50MA will cross under the 200MA around the 24th of October. This event is called the death cross, and if it happens on an important enough timeframe like the 1D it will negatively affect the price. Typically once it happens there is no quick turn around, It will for sure stay under the 200MA which we can already see happening, and it will interact with the 50MA. BTC will struggle to stay above the 50MA for a while, it may even pop well above a few times before taking a nose dive to the $6500 - 7000K area. If during this struggle we break some key supports, 4K will come into play, but to be clear we are not there yet.
If you are wondering why we are at such a standstill is because this crossover is important enough that it acts as a "wait and see" approach for a lot of buyers. If it happens we'll go to $6500 if we avoid it we go to 10K. Let's join the wait and see crowd.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
If you are wondering why we are at such a standstill is because this crossover is important enough that it acts as a "wait and see" approach for a lot of buyers. If it happens we'll go to $6500 if we avoid it we go to 10K. Let's join the wait and see crowd.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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: Still going down but near the bottom
THE OUTLOOK: Almost safe to buy BTC but let's wait just a little more.
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