Bitcoin Analyst Alerts of Looming ‘Bear Cross’ as Price Jumps Higher

Ei91kUAWoAEQaDo 980x532

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. The ‘Bear Cross’ setup, as presented by Bitcoin analyst Big Chonis Trading. Source: TradingView.com Traders typically perceive Death Crosses as a sign of a significant selloff. Ideally, they watch the 50-period and 200-period MAs to decide their long-term bias for the asset. But by replacing the 200-period wave with a 100-period one, they tend to look for a shorter-term outlook. Bitcoin’s daily chart, as shown in the chart below, is looking to log the said 50-100 MA crossover. The analyst explained: “[I’m] thinking about…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE