Bitcoin Death Cross On Monthly MACD Spells Doom For December

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A bearish cross on Bitcoin’s monthly moving average convergence/divergence (MACD) indicator could spell challenging times ahead. Such crosses occur when the 26-week moving average (MA) of BTC price goes above the 12-week MA. A Cross Into Bearish Territory As pointed out in a tweet yesterday by commentator, Byzantine General, the 12-week MA fell below the 26-week MA on the monthly scale. This indicates that a negative short term trend is having more of an impact than underlying movements in BTC price. The monthly MACD on #bitcoin just had a bearish cross. Yikes. — Byzantine General (@ByzGeneral) December 1, 2019 In general, indicators on higher time-frames give stronger signals, so a bearish cross on the monthly chart is seen as especially bad. Bitcoin has been struggling to regain its upwards price momentum from earlier in the year, which saw the end of 2018’s crypto winter, with gains of over 300%.…

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