Bitcoin - This is something to watch today
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Looking at the daily timeframe we can see that Bitcoin is a the top of a downward channel and at the top of a range. For the last few months when BTC has reached the top of either structure it has had a meltdown. This time, it has reached the top of both structures simultaneously. This is a timeframe and area that should be watched because if BTC closes above these two resistance points it will signal significant strength, however, the odds of melting around this point are very high.
Another signal/hurdle is within the 3-day timeframe, there is a 200ma /100ma death cross happening. A death cross is when a faster-moving average crosses down a slower-moving average, this on its own does not cause price to go down, instead, it is an indication of how far down we've come, but, it can be used as a signal to sell thus prompting a drop in price.
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Another signal/hurdle is within the 3-day timeframe, there is a 200ma /100ma death cross happening. A death cross is when a faster-moving average crosses down a slower-moving average, this on its own does not cause price to go down, instead, it is an indication of how far down we've come, but, it can be used as a signal to sell thus prompting a drop in price.
[img]
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
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Also, let's not forget that we are headed for the 5th week under the 200MA on the weekly timeframe (which is unprecedented) for Bitcoin. Unless there is a crazy plot twist today, we will close this week's candle under the white line. Yet another red flag.[img]
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This battle is not over until next Sunday, but there doesn't seem to be a lot of force behind today's move. You sit up and notice a decisive candle, this so far has been a minor shot at the 200MA in the weekly timeframe. [img]
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