Prepare for Bearish Golden Cross #2
On Dec 20th BTCUSD had the first Bearish Golden Cross since November 10th when BTCUSD corrected from $7,800 USD to $5,500 USD.
The cross that happened on the one hour BTCUSD chart on Dec 20th lead to an instant drop of more than $1,300.
Another Bearish Golden Cross is about to happen on the 2 hour chart. The crossover should happen in the next four hours.
We can expect more downward movement when this occurs. It will solidify the first crossover two days ago.
If the 50 day moving average on the one day chart fails to support btc after the next crossover, we will likely see BTCUSD price fall to approx $10,000 support level, and if that breaks $8,300 support. The support for these levels is quite strong on the daily chart.
The 50 day moving average on the daily chart will likely be under significant strain if price drops from the second Bearish Golden Cross coming up on the two hour chart.
Short term, looks like we are heading down to $10,000 support level, or $8,300 support.
The cross that happened on the one hour BTCUSD chart on Dec 20th lead to an instant drop of more than $1,300.
Another Bearish Golden Cross is about to happen on the 2 hour chart. The crossover should happen in the next four hours.
We can expect more downward movement when this occurs. It will solidify the first crossover two days ago.
If the 50 day moving average on the one day chart fails to support btc after the next crossover, we will likely see BTCUSD price fall to approx $10,000 support level, and if that breaks $8,300 support. The support for these levels is quite strong on the daily chart.
The 50 day moving average on the daily chart will likely be under significant strain if price drops from the second Bearish Golden Cross coming up on the two hour chart.
Short term, looks like we are heading down to $10,000 support level, or $8,300 support.
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