Bitcoin – Death Cross Today
The Bitcoin quadruple convergence that I recently mentioned was approaching, is now here. It arrives at the same time as an imminent death cross. Recently, Bitcoin has displayed some relative strength versus the brutal beating that stocks, and the NASDAQ 100 in particular, have endured. That no doubt has given hope to Bitcoin bulls. The chart still looks bearish to me, with my major target being $63k, if and when the expected break below the Mar. low around $77k occurs.
Funny for a risk on asset it has held up better than anything else.
Yes, during this last week it has shown relative strength. I did see a take by someone suggesting that those who were short Bitcoin since the top might have closed out those shorts(buying to cover) since they were getting margin calls on all their long positions that were under water. Don’t know if that was the case, but if the market is down hard again tonight/tomorrow Bitcoin will likely selloff as well.