Benjamin Quinn cryptocurrency analyst sheds light on a technical signal that can lead to a huge leg down to Bitcoin (BTC).
In a new strategic session, Queen Recount Its 888,000 subscribers on YouTube said that Bitcoin can witness the cross of death “in about a week to two weeks” if the current situation remains.
The Cross of death is a Haboodian signal that occurs when the average average assets cross for 50 days from the moving average for 200 days.
According to Kenwin, the sales process can precede the death cross.
“There are many times when there is a sale immediately before the death cross, before that … If this happens again, this may be a frightening time.”
Based on the merchant scheme, it appears to indicate that the death cross on the horizon warns of the correction of Bitcoin, as he witnessed in 2019 and 2021.
A widespread analyst also reveals his perception in the event of a declining prediction.
“Usually there is a decrease at the time of the death cross, and depending on the low price at the time, it gives us a kind of insight around the fate of the next gathering-whether it was a gathering to a new height or just a rally to face a counter to the highest level.”
According to Cowen, a decrease less than $ 70,000 may mean that Bitcoin has broken the market structure and will not rise above the current level ever of about $ 109,000.
“…[BTC could] Determination is less than Bitcoin to $ 60,000, especially $ 60,000 … If it is like $ 63,000, it will be difficult to ignore. “
If Bitcoin is digging a local bottom over $ 70,000, Queen says, says,
“If it exceeds 73,000 dollars, there is no guarantee on the market, but it will indicate that the market structure is still intact.”
Bitcoin is traded at $ 85,052 at the time of this report.
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