The Cryptohuis At the time of this writing, uses the Bitcoin (BTC) for a price of a $7.460 and ”the bears are clearly in control. The “Death Cross,” this weekend’s show?
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Bitcoin (BTC) chart
After we left, two days ago, a massive sell-candle to see in the Bitcoin chart, it looks like it is now, that the peace has returned. In view of the Elliott Wave theory, it would appear that Bitcoin is a few days in between the range of $7,700 to $7.100 that can’t go away.
The ” Death Cross
This weekend, we’ll probably be in the so-called ” Death Cross will be able to see. The Death Cross is a cross of the MA-200 and MA 50.
However, I have in my chart the EMA’s are listed in place of the MOTHER, because I, as a trader, more and more importance with the Exponential Moving Average (EMA’s), then the Moving Average (MA).
The Death Cross on the daily chart is a strong signal, and all too often it is the beginning of a bearish time. However, I do have an interesting point about the add, and for that, I would like to refer you to a video at the bottom of this article.
Bitcoin 4-hour chart
On the 4 hour time frame zoom, which is more in the Bitcoin movement. At this point, we can observe that Bitcoin is now back above the 10-SMA is located.
However, Bitcoin is still below the EMA 21. It is likely that we will first need to visit before we move down to the $7.200. In this way, we will create the wave 4 down, with a nice retracement to compliment the 0.382 fibonacci level.
However, if Bitcoin is indeed already a $7.380 level to lose, it is likely that the wave 4 and we are with Bitcoin at the $7.050 – $7.200 zone, go look it up.
Support levels (in US$)
7.250 (short-term)
7.050 (short-term)
6.800 (short-term)
6.500 – (mid-term)
Resistance level (in US$)
7.650 (short-term)
7.800 (short-term)
There are 8,000 – (mid-term)
8.300 – (mid-term)
8.600 – (mid-term)
To 9 000 – (mid-term)
Does bitcoin support at $7.380?
The bears are clearly in control. If Bitcoin is already a $7.380 level to lose, it is likely that we have a $7.050 – $7.250 zone, go look it up.
In this area, we may have a bounce to be expected, given that Bitcoin is on the Golden Ratio is. When we are done, it is likely that we will be in the $7.800 zone to go and look it up.
YouTube
In the following video, I give an explanation in the written report. Also, when I have my strategy, if we will be strong bearish times to see it.
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