Bitcoin Analysis==>>Death Cross!?
Updated
The fall of Bitcoin in the last 3-4 days has shocked everyone, first, let's take a look at the reasons for this fall:
The publication of the US employment report and the increase in the unemployment rate to the highest level in the last 3 years.
Tensions in the Middle East, the possibility of a confrontation between Iran and Israel in the coming days.
Rumors of selling Jump Trading's assets.
The Nikkei index of the Japanese stock market today fell 3,595.30 units, equivalent to -10.01%, to experience the heaviest daily decline in its history since October 1987.
The Cryptocurrency Fear and Greed Index hit its lowest level since early July, indicating panic in the market. However, I think the Fear and Greed index will enter the Extreme Fear zone in the coming days.
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Now, let's take a look at the Bitcoin chart on the daily time frame.
Bitcoin managed to break the Support zone($60,800-$56,700) which is shown on the chart with the Resistance zone. Also, Bitcoin has broken 200_SMA(Daily), 100_SMA(Daily),200_SMA(Daily) and 21_SMA(Weekly), which is NOT a good sign for BTC.
Most likely, the Death Cross Sell signal by Bitcoin will happen.
Death Cross Signal: The death cross appears on a chart when an asset's short-term Moving Average(MA), usually the 50-day, crosses below its long-term moving average, usually the 200-day.
From the point of view of Classic Technical Analysis, it seems that according to the momentum of Bitcoin's fall in the last 3-4 days, the continuing Descending Broadening Wedge pattern will fail, which could be a sign of the further fall of Bitcoin.
Looking at the USDT.D% chart, we can see that USDT.D% will probably increase again after a correction and attack the Resistance lines.👇
According to the explanation above, I expect Bitcoin to attack the Heavy Support zone($49,000-$38,500) again after the correction, probably near $59,000-$60,000. If the Support line is broken, we should expect Bitcoin to fall to $42,000-$43,000.
Note: If Bitcoin can stabilize above the resistance zone, we can expect Bitcoin to rise again, but due to possible tensions that will happen in the Middle East in the coming days, this scenario is less likely to happen.
Note: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Daily time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
The publication of the US employment report and the increase in the unemployment rate to the highest level in the last 3 years.
Tensions in the Middle East, the possibility of a confrontation between Iran and Israel in the coming days.
Rumors of selling Jump Trading's assets.
The Nikkei index of the Japanese stock market today fell 3,595.30 units, equivalent to -10.01%, to experience the heaviest daily decline in its history since October 1987.
The Cryptocurrency Fear and Greed Index hit its lowest level since early July, indicating panic in the market. However, I think the Fear and Greed index will enter the Extreme Fear zone in the coming days.
----------------------------------------------------------------------------------
Now, let's take a look at the Bitcoin chart on the daily time frame.
Bitcoin managed to break the Support zone($60,800-$56,700) which is shown on the chart with the Resistance zone. Also, Bitcoin has broken 200_SMA(Daily), 100_SMA(Daily),200_SMA(Daily) and 21_SMA(Weekly), which is NOT a good sign for BTC.
Most likely, the Death Cross Sell signal by Bitcoin will happen.
Death Cross Signal: The death cross appears on a chart when an asset's short-term Moving Average(MA), usually the 50-day, crosses below its long-term moving average, usually the 200-day.
From the point of view of Classic Technical Analysis, it seems that according to the momentum of Bitcoin's fall in the last 3-4 days, the continuing Descending Broadening Wedge pattern will fail, which could be a sign of the further fall of Bitcoin.
Looking at the USDT.D% chart, we can see that USDT.D% will probably increase again after a correction and attack the Resistance lines.👇
According to the explanation above, I expect Bitcoin to attack the Heavy Support zone($49,000-$38,500) again after the correction, probably near $59,000-$60,000. If the Support line is broken, we should expect Bitcoin to fall to $42,000-$43,000.
Note: If Bitcoin can stabilize above the resistance zone, we can expect Bitcoin to rise again, but due to possible tensions that will happen in the Middle East in the coming days, this scenario is less likely to happen.
Note: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Daily time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
I expect BTC will go downNote
I think we should wait for Bitcoin to fall again
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