BTC Death Cross!

22 giu 2021

Bitcoin has been falling hard today and over the past week due to China forcing shutdowns of some major mining facilities, BTC Hash Rate fell huge time. We are fast approaching the 0 FIB which is pretty decent support but there is lots of bearish momentum. Next we look at the 27.5K Level which honestly is very shaky weak support. The next very major support is 20K Aprx. There are lots of levels of support in between but they are not as solid as 19.8K. We also see a 50 day 200 Day SMA Death cross which is very bearish but nobody for sure knows. We also are looking at the Bollinger Bands and todays candle is heavily riding that bottom band and almost everytime we do we see a small to larger sized drop, if we continue this way tomorrow there is a definite chance we see the 0 FIB and possibly the lower support levels. The MACD has flipped bearish and is pointing heavily downwards. In my opinion this is not necessarily bad this could provide good buying opportunities and we are even seeing institutional money flowing into BTC like micro strategy. My mindset is focused on the future aswell i believe crypto and blockchain will play a key role in the world in the coming years. Not financial advice