It's been a minute since our last post as we watch and comment on Bitcoin. What's happened since our last post? Bitcoin had a tremendous rally and continued some major parabolic moves upward as we had predicted! Hopefully you were positioned well and made some major gains!
So, what's happening now? Right now we're watching BTC send us some mixed signals but one major indicator has surfaced... 🤔
A major bearish indicator recently popped up. The 10 and 50 day Moving Averages crossed in a negative way 2 days ago. The last time they crossed was a positive (golden cross) and that was back in October 2020 and we've been in a bull cycle ever since. Have we reached the top of this current Bull Run? Possibly.
Even with this negative indication, we are seeing some other short term positives. For example the RSI is low (around 45) right now which could cause more movement up in the short term.
We also saw BTC move upward today from yesterday's dip below the lower band, which means that things are moving in a predictable manner. These are temporarily positive, but that death cross has us watching very closely again!
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.