What is the "death cross" Bitcoin and why is everyone talking about it?
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Bitcoin Price drop, which can only mean one thing: the FUD, aka fear, uncertainty and doubt. In these difficult times people turn to the only Oracle that can reassure or confirm their worst fears: the dimensions of the graphs of the cryptocurrency market.
theBitcoin: the decline or growth?
There is a whole handicraft industry in these rural fortune tellers, who in an attempt to attract followers from the pool of "cryptotwit" regularly post their forecasts of future prices for coins. They are all armed with the same tools: graphs that shows the historical UPS and downs in the market, Elliott wave, MACD, and other esoteric things. They're neophytes seem almost alchemical formulae: the "ascending triangle", "dead cat bounce" and "death cross".
You May have heard about death cross because EVERYONE's TALKING ABOUT IT. It may seem that the hype is because people just like loud statements. But in reality it is not so interesting: the death cross occurs when the short-term movement of the asset down the line crosses the long-term average value, indicating a more serious decline than usual, and Bitcoin, apparently just passing through this cross. Sounds bad, huh?
Does the cross of death puts an end to the future of BTC? Whether the value of the cue ball will fall, perhaps always? There is another view: the death cross is, in fact, the bear trap. And bears and bear market, which is the cryptocurrency world, it's everyone who believes that the price of a given asset will decline. In the end, the value of BTC at the moment (about $ 7,000) is much below the December peak of 19 000 dollars, but nnnoooooooooooo above its March peak in 2017.
Now different schools of forecasters argue about which interpretation is correct, while the price of Bitcoin continues to fall. It's a vicious circle: the more drops the cue ball, the more people scream from terror.
Some believe that the cross of death in our case it is really a bear trap, and since the RSI indicates oversold. maybe the bottom is near, and this, in turn, will confirm correction of the double bottom, which would end the total correction.
Don't think only technical analysis works in the world of cryptocurrency. Just another not yet invented. HODL!
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