A fast and secure way to buy, sell, hold and convert cryptocurrencies

Plus, daily crypto analysis and news.

Bitcoin death cross to force price below critical support level

Bitcoin could be heading to yearly lows following last month’s death cross and a lack of positive sentiment.

Bitcoin endured a distressing exponential moving average death cross on the daily chart on November 23, with several analysts suggesting that a descent to $5,900 is now on the cards.

However, there has been a period of relative calm since the death cross, with Bitcoin languishing along the $7,350 level of support following a brief rally to $7,850 earlier this week.

The previous two death crosses took place during the 2014 and 2018 bear markets, with Bitcoin proceeding to fall by more than 60% on both occasions.

A slump of the same magnitude this time around would take Bitcoin to last December’s bitter lows of $3,150, although analysts like Tone Vays and Peter Schiff have been calling for targets lower than $1,800.

In order for Bitcoin to rally back towards new highs, it would need to trigger a technical reversal, which would only happen if it can close a daily candle above the death cross at $8,662.

The most likely stopping points for Bitcoin over the coming weeks are the $6,750 and $5,900 levels of support, both of which held for significant amounts of time during the 2018 bear market.

Upside targets remain at $7,900 and $8,400, although a news event may be required to drive attention and positive sentiment in the market.

For more news, guides, and cryptocurrency analysis, click here.

Articles Liés