Thursday, January 20, 2022
Home Crypto News Analysis Bitcoin Drops Below $46,500, Is 'Death Cross' Coming?

Bitcoin Drops Below $46,500, Is ‘Death Cross’ Coming?

- Advertisement -

Bitcoin (BTC) lost strength as the week started, falling below the $46,500 mark, while Ethereum trading below $4,000.



Bitcoin price closes below the 200-period daily average. Ignoring Bitcoin fundamentals, traders who trade solely from the perspective of technical analysis have an important move to pay attention to.

btc daily

 

The significant point is that BTC 200 daily moving average which is the vital long-term support has now been lost. So it might be the case that 2021 may close with a downtrend, a fact that still depend on a market assessment in the next 10 trading days. Such a scenario is a warning for those who believed in the $100,000 Bitcoin this year, a guess that is increasingly far away.

 

Death Cross

The death cross is a technical chart pattern indicating the potential for a major sell-off. The death cross appears on a chart when a short-term moving average crosses below its long-term moving average. Typically, the most common moving averages used in this pattern are the 50-day and 200-day moving averages.

However, the 50-day moving average is still far away, Bitcoin is far from a new “Death Cross.”

Extreme fear remains in the market:

Bitcoin starts the week with a 2% fall currently trading at $46,195. According to the Fear And Greed indicator, the market enters the week in extreme fear. Extreme fear show investors are not confident and reluctant to invest, but it can also be a buying opportunity for those who believe in long-term crypto holdings.

fear and greed index

 

The last week before Christmas can be a moment of worry for traders, who are now closely watching the possible downtrend in the market’s biggest digital currency that could easily push all altcoins down with himself.

In the last 24 hours, Shiba Inu has already lost -8.95%, ETH -2.45%, BNB -3%, and SOL -5%.

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

The Central Bank Of Russia Proposes A Ban On Cryptocurrency Use And Mining

The Central Bank of Russia (CBR) issued a consultation paper on Thursday entitled 'Cryptocurrencies: Trends, Risks, and Regulation', whose primary focus is to influence...

Fox Business Journalist Says SEC legal Team Declared Ripple (XRP) Non-Security In 2018 So What Changed In 2 years?

Eleanor Terrett, a Fox Business journalist, recently questioned the ongoing lawsuit between the SEC and Ripple. window.coinzilla_display...

Michael Saylor Reaffirmed After BTC Drop From $69K to $40K That Neither He Nor His Company Will Sell A Single Satoshi

Michael Saylor, again affirmed that neither he nor his company is going to sell their bitcoin holdings. ...

After Sundaeswap, Another Decentralized Exchange Is Launching On Cardano

After Sundaeswap, another decentralized exchange (DEX) based on Cardano, Minswap has announced January 25, 2022, as its public beta launch date.

Shiba Inu Leading Developer Share His Thoughts On Microsoft-Activision Acquisition, Can Shib Get Something From This Deal?

Shiba Inu cryptocurrency holders woke up and smelled roses, and it's all thanks to Microsoft as the company prepares its new acquisition of Activision.

Shiba Inu Takes 3rd Spot Beating Ethereum In Top 10 Most Viewed Coins In Europe

Coin market cap (CMC) has just released its “Top 10 Most Viewed Crypto Coins” list for Europe. The list is released by CMC based...

Another Memecoin Trending On Twitter With 690T Supply

Twitter has become one of the main discussion points about cryptocurrencies. Recently, a cryptocurrency has been trending, looking like a bizarre project, the Shibnobi...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.