Troubles for Bitcoin Grow as Analyst Spots “Potential Death Cross”
Bitcoin is on the verge of painting a Death Cross. The technical chart pattern–which forms after an asset’s short-term moving average closes below its long-term moving average–holds credibility for predicting bearish markets. In the stock market crash of 2008, for instance, many investors credited Death Cross for limiting their losses. The same scenario is now brewing on the Bitcoin daily chart, wherein the cryptocurrency’s 50-day moving average (50-DMA) is itching to drop below its 100-day […]
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Even as the bitcoin price jumps against favorable macro fundamentals, a chartist sees the cryptocurrency moving downwards in the coming sessions. The pseudonymous analyst pitched a highly bearish scenario for BTC/USD on Monday. He envisioned that the pair’s 50-day moving average would close below its 100-day moving average, leading to the formation of a so-called “Bear Cross” – also known as ‘Death Cross’ among financial pundits. Traders typically perceive Death Crosses as a sign of […]
LINK, the native token of Chainlink, is beginning to recover after seeing a major drop against Bitcoin. The price of LINK, the native cryptocurrency of Chainlink, has increased by 10% in the past three days with the recovery coming despite a “death cross” on the LINK/BTC chart.Josh Olszewicz, a cryptocurrency trader and technical analyst, said the LINK/BTC chart encountered its first death cross since 2018.What is the death cross and why is LINK seeing a relief rally?In technical analysis, the term death cross is a candle chart formation that occurs typically before a large selloff. It....
Many analysts agree that further dips in the Bitcoin market would attract accumulators, primarily investors with a long-term bullish outlook on the cryptocurrency.
Bitcoin traders are sitting on their hands after spotting a death cross on the daily chart but could this be a buy signal for contrarian investors? Bitcoin’s (BTC) succession of sharp corrections from its all-time high at $64,900 has turned investor sentiment negative, at least for the short-term. While some analysts believe the bottom may have been hit, others are warning of a further fall due to the “Death Cross” pattern that, at the time of writing, is on the verge of completion. For new traders, the name death cross itself brings a lot of negativity and a feeling of impending doom.....
Based on historical tendencies, $22,700 could now mark the next "generational bottom" for Bitcoin, new analysis says. Bitcoin (BTC) may fall more than 40% from last week's bottom, new data warns as one analyst confronts what he says is now a bear market.In a series of tweets on May 20, popular trader and analyst Rekt Capital argued that BTC/USD should dive to near $20,000 to conform to historical norms.Death cross BTC price target now $22,700Much debate has surrounded the so-called "death cross" constructions on the Bitcoin chart. These involve the declining 50-period moving average (50MA)....