What is going on with Bitcoin?
Bitcoin is down -36% from it’s all-time high April 12, 2021. Additionally, my technical analysis of the crypto currency are:
- It is oversold at this point,
- Trading below its 50 day and 200 day SMA.
- Big Money traders are selling and
- MacD is negative
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My Multi-Duration Signal Model is telling me that Bitcoin is:
- Currently in a bearish Trend and Trading pattern,
- It’s leading indicators are all bearish, including the one for this week.
- Greater than 50% chance that Bitcoin ends the week of May 17th down.
If you want to take advantage of this significant pull back, this week is probably not the time to take it. It will most likely trade down further this week. I would need to see a bullish signal from my model on the leading indicator for the crypto before I would suggest taking a position.
Read this article…Bitcoin tumbles below $40,000 after China issues crypto warning
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