As a death cross approaches
As the 200/50/20 SMA approach a cross the most likely scenario is to see a larger decline over the course of the next month. The cross should happen as BTC approaches/crosses the $45,500 mark. This will show oversold on the 4 hour and begin the downward trend.
It can be expected there will be significant resistance at $39,900, while being broken and heading to the next mark at $37,400. BTC will further breakdown to $29,400. At this level BTC will be significantly oversold and growth can resume.
This resetting will provide overall health to the trends as it puts the power back in the hands of bullish investors. The benefit of the breakdown to the $29,400 level will be providing ample support for new ATH.
The breakdown should take about 1 month to complete from the time of the death cross, if the model is correct.
It can be expected there will be significant resistance at $39,900, while being broken and heading to the next mark at $37,400. BTC will further breakdown to $29,400. At this level BTC will be significantly oversold and growth can resume.
This resetting will provide overall health to the trends as it puts the power back in the hands of bullish investors. The benefit of the breakdown to the $29,400 level will be providing ample support for new ATH.
The breakdown should take about 1 month to complete from the time of the death cross, if the model is correct.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.