Content adapted from this Zerohedge.com article : Source
A key technical indicator could spell trouble for Bitcoin as it nears the dreaded "death cross".
This occurs when the 50 day moving average crosses over the 200 day moving average, on the down side.
In the last hours, Bitcoin did find some support and move upwards.
As usual, Bitcoin is leading the charge, this time in an upward direction.
Last night, Peter Thiel had these comments:
"...but the one use-case of cryptocurrency as a store of value may actually have quite a bit of a ways to go. I would be long bitcoin and neutral to skeptical of just about everything else at this point, with a few possible exceptions.
The question with something like bitcoin is whether it can become a store of value. And the thing it would replace is something like gold. The analogy is it's like bars of gold in a vault that never move and you get it and it's a hedge of sorts against the whole world falling apart."
For now, Bitcoin fended off the "death cross" but it is far from out of the woods.
Non-adapted content found at zerohedge.com: Source
We going down soon . Thanks for the update :))
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I think I consider this simply good news but if I may as, since I am still new to the crypto world...What happens when bitcoin gets to the dreaded death cross?
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It's a popular indicator of an asset about to take a dive in value. It doesn't always happen that way but, judging from past "death crosses" (50 DMA falling below the 200 DMA) the vast majority of past occurances do end up in that asset "crashing." It doesn't mean the end of the asset - just that it's probably going to take a long time for that asset to recover its' value. So, everybody bails out, many "trading bots" kick-in their sell orders, etc. It usually has a powerful psychological effect on the market.
I wouldn't call this "good news." I would call this news which we should all take note of and cause us to proceed with caution. Just because the "death cross" seems to be responding as a strong level of support, that doesn't mean that it will continue to hold as support. If the cross does occur, I would expect - at least - a $2,500+ drop in the BTC price. Lower levels of support are not very good: $6K, $4K, $2K, and some people even say $1K. So, stay alert!
If you're holding a bunch of BTC, a death-cross would suck. If you're sitting on the sidelines with a bunch of cash, waiting for the price to crash so you can buy low - a death-cross would be great.
As always, I am not a financial advisor. Do not make trades based on anything I have said here. X(
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It's a great information. The price of bitcoin is very fluctuate. Though I am a little bit weak to understand the crypto market. But I love to bye coins and to trade. Sir, I like your ZeroHedge.com. Thanks for sharing your page. I will get more information from the page. Thanks sir @zer0hedge for sharing the valuable blog.
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Yes, you are right. We definitely have to keep an eye on how much or if bitcoin divorces from its 200 day moving average in these days, weeks, and months ahead. If it crosses to the downside, which could correspond to a larger corrections, oh boy, prepare for panic selling and pain. If you look back to March '13 and Nov. '13, you can see that when this happens a large correction soon follows. If that happens, we can’t panic just because everyone else does. Somehow we have to turn our thinking and start buying instead.
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All I see is a rare opportunity to make a BIG pile of
moneycrypto. The more panic selling the greedier I get.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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Yeah bitcoin is leading the charge.. but it still has a long way to go. Bitcoin's 50-day moving average crossing over the 200 day moving average on the down side is cause for worrying. I've been a staunch follower of the progress of bitcoin and I haven't witnessed it crossing below this level in months. The media is reporting some people that are starting to sell to get out of the market after hearing of google's ban and how badly it's affecting the prices. This is a huge signal of panic among the public. But this I continue to encourage people to calm down. This is a new currency that is a few years in transition. These prices swings are bound to happen for them to finally settle at their peaks when the globe goes crypto. And no one would love to look on with a feeling of regret for not taking a chance to invest at an early stage when this time comes. I expect these prices to continue being volatile throughout this year because of the huge controversial decisions coming in.. but after this, the investors will all be smiles.
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$XMR Monero has been moving up this channel for quite a few days and just pierced the bottom which would usually be a bearish indicator, but with $BTC rising let's see if it wants to follow along and head for that channel top again :)
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BTC rising? That's rich. BTC is far too heavy at these levels.
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Really btc is not yet far out of the woods. It's having a lower resistance now. About a week ago when it moved as high as 11k i was expecting it to break the 12k resistance. In doing that i was expecting to shoot for the moon.
Right now btc is not so bad after all but it aint doing so well too.
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Yikes! I love your info im trying to learn more from you as i become more engaging with steemit! Thank you for your information! @theoutlight and james munder always reference you and for good reason im glad your here sharing great info. Are you the offical zerohedge page?
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Well, it's nice to open up coinmarketcap.com and see a lot of green! Would be even better if STEEM was in green as well... But sadly, it's not picking up yet. Obviously, this move upwards doesn't mean much yet, because it happened quite a few times now, but it went down shortly after. I would like to see some greens for a week or so without it going down.
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Thanks for share such a great post.
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I am new here but your blog always guide me to crypto world.
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good post boss,,,
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BTC needs to find a rock solid support to build the next bullish impulse from, and there simply isn't one at these levels. See you guys at 5k... 3k if we're really lucky.
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It is very close to cross it still, after 24h, there is no way to know where the market decides to go.
All of this FUD is not helping, but I don´t think that this "Death Cross" means much, because people are always complaining about the volatility, and now they want to compare this markets with the traditional ones, the basics are the same but the analysis have some changes.
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