The BITCOIN (BTC) Is Finally Under The Death Cross

By moon333 | moon333 | 21 Jun 2021


 

The death cross:

Finally, the death cross on the daily time frame chart has been formed for which many traders were waiting and there is a lot of fear in the market because of this death cross. Now it can be easily seen that the 50 simple moving average has crossed down the 200 SMA on the 20th of June.

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The current and the previous death crosses:

In the past history of Bitcoin, we have seen several death crosses. And most of the time after the death crosses the price action of the leading cryptocurrency starts a recovery rally to the upside. The reason for these recovery rallies is most of the time the oversold condition of the oscillators before the death crosses. For example, If we take a look at the stochastic in the relative strength index (RSI) oscillators, then if they were oversold before the death crosses, then after the formation of the death cross the price action has been moving to the upside. However, strong bearish trends can be found before the death crosses. Especially when the 50 simple moving average starts moving down to cross down the 200 simple moving average.

 

Death cross Mar 2020:

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Death cross Oct 2019:

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Death cross April 2018:

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The current death cross:

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A bullish Harmonic move:

The Priceline of the Bitcoin has also formed a bullish harmonic Cypher pattern on the 12-hour chart and entered the potential reversal zone. This potential reversal zone is in the area from where the price action is already getting reversed to the upside.

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Conclusion:

While the price action has formed the death cross on the daily time frame. It has also formed a bullish harmonic move on the twelve-hour time frame chart. We have already witnessed that this time again the relative strength index and the stochastic were oversold before the death crosses. Therefore the situation is again going in favor of at least a short or mid-term recovery rally that can even lead the price action of the king of all cryptocurrencies to continue the long-term bullish rally as well.

 

For more harmonic trading ideas you can join:

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Link for Binance exchange, the best place to buy or sell Crypto:

https://www.binance.com/?ref=11256882

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moon333
moon333

Hi, My name is Atif Akbar and I am a trader and trading charts author


moon333
moon333

Hi my name is Atif Akbar and i am trading charts author of different assets like crypto, forex, commodities, CFDs Stocks e.t.c.

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