Troubles for Bitcoin Grow as Analyst Spots “Potential Death Cross”

2020 10 07 12.58.54 980x522

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 moving average (100-DMA). If the crossover takes place, then it could leave Bitcoin under further bearish stress. Analysts at EXCAVO, an automated market maker protocol, spotted the Bitcoin Death Cross first. They wrote in their TradingView analysis that the pattern is signaling “a bearish environment in the period ahead.” Bitcoin Death Cross setup, as highlighted by EXCAVO. Source: TradingView.com As of this Wednesday, the total distance between the 50DMA and 100DMA is less than $200.…

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