BTC Convergence of SMA(200, 50, 20) is surprisingly bullish
Counterintuitively, the current formation in BTC is promising.
It is generally a promising sign when the major moving averages converge and right now they are in about a 10% range. Stay open to the possibility that this may be an admittedly gut-wrenching re-test of BTC SMA(200) rather than a sign of a change in trend.
Note that this re-test also shows up on the weekly chart as an overdue re-test of the 20-week moving average.
Assuming price holds the daily SMA(200), a golden cross is imminent. If price closes much below the SMA(200), it may be time to get defensive. But at this time, it appears to be normal and expected volatility.
Don't panic. Be patient and wait for more information from the market.
It is generally a promising sign when the major moving averages converge and right now they are in about a 10% range. Stay open to the possibility that this may be an admittedly gut-wrenching re-test of BTC SMA(200) rather than a sign of a change in trend.
Note that this re-test also shows up on the weekly chart as an overdue re-test of the 20-week moving average.
Assuming price holds the daily SMA(200), a golden cross is imminent. If price closes much below the SMA(200), it may be time to get defensive. But at this time, it appears to be normal and expected volatility.
Don't panic. Be patient and wait for more information from the market.