11:19
THIS “DEATH CROSS” SUGGESTS BITCOIN COULD SEE IMMENSE TURBULENCE

  • Bitcoin has seen a rocky past few days and weeks, with the cryptocurrency seeing notable losses that came about after it first broke below $19,000
  • The selling pressure below this level has been quite intense in the past, but usually the crypto posts “v-shaped recoveries” that help it reclaim this as support
  • Unlike in weeks past, BTC has yet to see any massive inflows of buying pressure that could help spark a strong upside movement
  • The cryptocurrency is now trading below $18,000, and struggling to break back above this level
  • One analyst is noting that this may be the start of a turbulent few days for the cryptocurrency, as one indicator is beginning to “slowly death cross”

Bitcoin’s recent break below $19,000 was a grim technical development, as it is what led the cryptocurrency to decline as low as $17,600 before it was able to find some strong support.

Whether or not this support will hold strong in the mid-term should depend largely, if not entirely, on the cryptocurrency’s reaction to $18,000. It is rapidly moving to test this level, but it may face a rejection here.

One analyst is now noting that the cryptocurrency’s cloud formation is also beginning to post what is referred to as a “death cross.” This could mean downside is inbound.

BITCOIN TRIES TO RECLAIM $18,000 AS BULLS SHOW SIGNS OF LIFE

Ever since Bitcoin first broke below $19,000, it has been slowly inching lower as buyers struggle to take control of its price action.

At the time of writing, the cryptocurrency is trading down just under 2% at its current price of $17,980. This is around the price it has been trading throughout the past 12 hours.

Whether it can gain a firm and lasting foothold above $18,000 should provide some serious insights into where it will trend next.

BTC’S CLOUD FORMATION IS BEGINNING TO FORM A “DEATH CROSS”

One sign of turbulence in the near-term is a forming death cross on the cryptocurrency’s cloud formation.

This has led one analyst to claim that some immense volatility could be imminent in the days and weeks ahead.

Expecting a little bit of turbulence. The cloud is slowly starting a death cross, something that we didn’t see since 10,000$ area. My plan is to: – Not short ( can’t be asked to monitor ) – Slowly add on supports,” he said.

Image Courtesy of Teddy. Source: BTCUSD on TradingView.

The coming days should provide some insight into this technical pattern’s implications for where Bitcoin trends heading into the end of the year.

Source:newsnow.co.uk

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Category: Analytics | Views: 206 | Added by: 4zvezda | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 5.0/1
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