This is interesting, EMA50 just crossed below EMA200 recently making a death cross, and a descending triangle forming.
Bitcoin is trading sideways for 44 days now, with no certain trend direction. And with a recently formed death cross, it looks bearish.
What is a death cross?
A death cross is a chart pattern in which a short-term moving average crosses below a long-term moving average. For example, the 50-day moving average crosses below the 200-day moving average. As a result, a death cross is generally seen as a bearish indicator.
For an upward move, the price needs to break the descending triangle with good buying volume. MACD is trying to recover and come up from the negative territory. With good buying volume, and if the price can break the descending triangle and make a new high, there might be a reversal, and invalidation of the death cross might occur.
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