Nearing "Deathcross" A familiar pattern takes formThat i'm sure most have noticed by now. This deathcross makes it that much more relatable now.
Btcdeathcross
BTC Death CrossBitcoin 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!
BTCUSD HUGE BEAR PENNANT
BTCUSD is situated into this bearish pennant from 26 november 2018 until today and it most likely in late this month or february we will have a huge,massive and fast breakdown untill 1800-1900$. What is important to understand,i m not a permabear or permabull but this chart is extremly bearish
Beriash pennant is a continuation pattern and NOT a reversal pattern which means the price will likely to drop once again. Firstly,we dropped 51%,from november until today we are into a consolidation zone and soon we will continue to drop till this targets
Macd slowly want to go into the green zone but probably only these two line will touch each other and after will made a bearcross.Why? If will cross up we will going up hard which means REVERSAL but:
-We have a strong MA weekly resistance at 3758 and after at 4327
-Bearish pennant is a continuation pattern so we will drop
-RSI is above 30 so we have more room to drop
-MA bearcross in februrary at monthly timeframe(at the moment each MA at monthly is act as resistances so don t WAIT FOR 5K BECAUSE WE WILL NOT GOING TO 5K AT THE MOMENT
-MACD at monthly timeframe is too high,we need more correction untill we reach -0- neutral zone
-We can go till 43xx maximum but after we will going down(or will going up higher sub form of a peak and candle will close below resistance of bear penannt
-ETF Vaneckx will be rejected
-Bakkt will be delayed
No..i m not a permabear but we need MORE CORRECTION.After MA cross at 1 monthly timeframe i WILL BUY ALTCOINS
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