With the weekly closure #Bitcoin opened a path to much lower prices. If a break through the 600 DMA confirms, be prepared for a swift ride downwards. The targets were specified a few days ago.
The move would be greatly aligned with the expectations of a continued multi-month decline based on the monthly MACD cross that was reported 4 months ago.
Last time the monthly MACD cross happened in 2019 and $BTC lost 50% of its value in the following 7 months. This time 4 months already passed. Is it now time to accelerate down? Note that this time the MACD magnitude is way higher and if BTC “decides” to lose 50%, it might end up around $20k. Sounds impossible? Let’s have a look at the other signals.
Previous BITCOIN Weekly (link)
This BITCOIN overview discusses:
– candle charts and corresponding technical events for BTC;
– a classical pattern with the target;
– short and long term EW forecasts for BTC.
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