Death Cross Observed for Bitcoin

A few days after I recommended selling Bitcoin at 9000, it reached almost 12000. The price smashed through all the resistance with relative ease. The psychologically important 10000 level broke, followed by the 200 day moving average and 50 day moving average. The timing of my recommendation could hardly have been worse.

However, the fundamentals remain as bad as ever, and the technicals are not exactly rosy either. Over the last few days, a so called death cross has appeared in the charts. The weighted 50 day moving average has dropped below the weighted 200 day moving average. Furthermore, the price is now down to about 10000, below the weighted 200 day moving average.

Those who ignored my advice to sell at 9000 can now ignore my advice to sell at 10000. However, time is running out. Bitcoin has no future as a currency, and the technicals are as bad as ever.

By Marco Krohn - Own work, CC BY-SA 4.0, Link