Key Level to Watch as a Death Cross Forms on the BTC Chart
The 21-Day MA is headed for a Death Cross with the 50-Day MA on the Bitcoin Daily chart. Even though it is technically a lagging indicator, historically, Death Crosses tend to develop into more downside. But that doesn't have to be the case here. If BTC can hold above the 50-Day MA and rally back to ATH territory it will be a short term dip, however, if price dips below the 21-Day MA this could develop into a deeper correction. If the latter scenario comes into play, I'm prepared to see the CME Gap filled and support tested at the consolidation range ~76k.
👀 on the Sunday candle close to gain some insight to how things may develop next week.
👀 on the Sunday candle close to gain some insight to how things may develop next week.
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