Hey Cryptofriends,
We are now entering what is pretty much guaranteed to be a death cross for BTC with the 50-day Moving Average (blue line) about to cross the 200-day Moving Average (red line). What does this mean? This is a pretty bad sign from a technical analysis point of view, and it may very well mean that BTC will head straight back down to test the 6k support. Bear in mind, last time the 50-day MA crossed the 200-day MA was in September 2015!!
Not to sound too bearish, but we may very well see BTC head for a new 2018 low which could even possibly happen within the next 7 days. It all depends on the market - what will you do? Hold? Short? Accumulate?
Safe trading, friends :)
