Bitcoin Enters Long-Term Downtrend

Hello traders everywhere. Bitcoin has been due for a big move/breakout for a while now after being trapped in a trading range of $8,500 to $7,850 since the end of September. I fully expected the move to be to the downside as pressure was mounting from the 50-day and 200-day moving averages as they got closer and closer to crossing. Last week I had mentioned the coming "death cross," and while we haven't quite got that, we did get a new red monthly Trade Triangle at $7,714.70, signaling entry into the long-term downtrend.

Bitcoin is trading well below its 50-day and 200-day MA, the MACD is close to turning lower, and the MA's are closing in on that death cross. Right now, it appears that bitcoin has found support at the $7,430 level last hit in June of this year. If the 50-day can cross the 200-day look for a big move lower, the previous time the cross happened, Bitcoin rode the long-term downtrend to the $3,100 level.

Key Levels To Watch This Week:

Every Success,
Jeremy Lutz and

2 thoughts on “Bitcoin Enters Long-Term Downtrend

  1. Bitcoin just has just given bounce back rally, because since long, mid and long term trend is already changed bearish. Now on wards, it is quite possible to find often fast and sharp falls, and final bellow 5 k and even bellow 4k levels too.

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