Bitcoin ‘death cross’ that pushed BTC price to $28.8K reappears
The “death cross” that pushed Bitcoin’s price to $28.8K reappeared on the charts, with BTC/USD now trading at $9,937- a major drop from its December 2018 highs of almost $20K. Before the asset can recover some lost ground and hit new heights again, it’ll need support from other coins such as Ethereum or Ripple – which are currently showing signs of weakness after their recent surges.
The “bitcoin death cross 2021” is a term that refers to when the Bitcoin price crosses over from below $7,500 to above $8,000. This happened on December 18th, 2018.
On the Bitcoin (BTC) daily chart, a technical sell signal is set to materialize.
The BTC price will encounter a death cross on December 18, which is a market indication that happens when a short-term moving average falls below a long-term moving average. The 20-day exponential moving average (20-day EMA) of Bitcoin will close below its 200-day exponential moving average in this instance (200-day EMA).
Given its track record of anticipating bear movements ahead of time, the signal may wind up warning traders and investors of a probable selloff in the coming sessions. The 20-200 bearish crossing, for example, which emerged on May 30, 2021, was crucial in dropping the BTC price from $36,500 to $28,800 in the following 24 days.
BTC/USD daily price chart with a death cross in May 2021. TradingView is the source of this information.
A similar tragedy occurred during the pandemic-driven market crisis in March 2020, just a day before Bitcoin’s price plummeted from almost $8,000 to below $4,000.
BTC/USD daily price chart with a death cross in March 2020. TradingView is the source of this information.
Bitcoin may have a pullback to the $40K-42K level.
Bitcoin has been correcting over the last four weeks and seems to be on track to conclude the current weekly session in the red, owing to the Federal Reserve’s more aggressive stance on inflation.
The BTC price has dropped almost 17.50 percent in the previous 30 days, including a correction from its record high of $69,000 on November 10. As a result, the cryptocurrency sank below $42,333 for a short period before rebounding rapidly and recouping some losses, as indicated in the chart below.
BTC/USD price chart on a daily basis. TradingView is the source of this information.
The bounce, however, did not result in a positive turnaround; the Bitcoin price has been drifting downward since hitting an intermediate barrier near $50,000, a psychological milestone.
Bitcoin’s attempts to retest $50,000 for a bullish breakout are being thwarted by the resistance trendline of its descending channel, as well as further negative pressure from its 20-day EMA and 200-day EMA waves, which are also approaching $50,000.
Bitcoin bears don’t have the ‘jones’ to keep selling through 2022, according to an expert
As a consequence, Bitcoin’s path of least resistance looks to be to the negative. With the death cross approaching, the cryptocurrency is expected to stay in the declining channel, testing levels around $42,000 in preparation for a big drop.
If the price continues to fall, the next negative target might be $40,000.
The RSI (Relative Strength Index) is a measurement of how
Another move down would also send Bitcoin’s daily relative strength index (RSI) below 30, signaling a buying opportunity. For the time being, the momentum indicator is seeking to break above its downward sloping trendline, a move that has previously foreshadowed Bitcoin price bottoms in local markets.
Daily BTC/USD price chart with RSI breakouts. TradingView is the source of this information.
The RSI has been consolidating sideways on a shorter timescale chart, indicating that it is about to break out of the rectangle range to the upside. A fractal from September 2021, released by Mozzi, an independent crypto-market expert, is at the heart of this upbeat prediction.
Four-hour chart of BTC/USD comparing RSI trends from September 2021 to December 2021. TradingView is the source of this information.
On Saturday, the expert remarked that “Bitcoin has been following a similar pattern since the end of September.”
“Keep an eye on the RSI consolidation. As confirmation, I’m looking for a clean breach of the upper trendline.”
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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The “ethereum price (usd)” is a cryptocurrency that has been on the rise since the beginning of 2018. The death cross reappeared and pushed Bitcoin’s price to $28,8K.
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