Blood in The Water — Bitcoin! (BTC) >=D

Hi friends! Welcome to this update analysis on Bitcoin! As we can see on the four hour chart, BTC             has formed a series of head and shoulders patterns. The one on the right, has broken to the downside, and price action has fallen into a bear flag . Additionally, the volume indicator is mostly red, and the 50 EMA (in orange) is about to cross below the 200 EMA (in purple.) In technical analysis , this is known as a "death cross." It's a powerful indicator that shows that the price average of the last 50 periods, is lower then the last 200 periods, and that often precedes further downside. Looking at the bear flag , we can see that it is below the 50 EMA , and the 200 EMA , and building above the Critical Support level . A breakdown seems imminent, unless the bulls can somehow manage to get back above the 50 EMA , and form some higher highs. That isn't likely to happen though. Bitcoin             is pounding away at support — and if it knocks long enough, the trapdoor will eventually open. Breaking the "Critical Support" level, should cause BTC             to plummet to the 61.8% retracement level, around $11,200, where it is likely to find some support. Ultimately, as I've said so many times, BTC             could quickly fall below $9,000. Please like, comment, follow, and share on social media. This has been your fearless market guide — your virtual buddy — M.P.C. and I'm out!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

Nice charting! I think we may break to the upside of that triangle and form another Bigger head and shoulders that heads us down to your target. But I can see your scenario happening soon as well. Nice job!
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Coincidentally just reading and your pop up appeared...

"Death cross is a semantically loaded term that has no statistical basis for reliably predicting outcomes. This technical jargon example is an instance where language influences the outcome far more than the event the language is purportedly describing."
@Trader247, Thank you for commenting! I have read this quote before, and I disagree with it on many levels. In response to "language influences the outcome far more than the event the language is purportedly describing," I would argue that it "influences" the outcome (market action) none-the-less, so it is certainly worth consideration. When moving averages cross, they are indicating a recent appreciation or depreciation of price. Regardless of the "technical jargon" of the term "death cross," the information that it provides is relevant, and noted by market participants. With that said, I never place a trade on a single indicator. I look at many indicators, to fully understand the market that I am analyzing. I hope this helps. Thank you for following. >=D
@Trader247, One more thing, look back through your BTC four hour chart, at the last time a "golden cross" happened, and tell me what followed. =D When a particular asset has rapidly accumulated gains or losses, moving average crossovers naturally become a more powerful indicator to watch.
Trader247 MagicPoopCannon
@MagicPoopCannon, Unfortunately I am nowhere near adept at this point in time to argue the intricacies of these factors - thus happy to admit I'm reading a "Dummies" pdf.

I quite genuinely had just 2 minutes before read the above quote on my screen when your alert popup appeared on my screen also with the Death Cross mentioned within.

At this point in time all I can really take from it is the power and influence of the language used.
I like the way, how you explain your charts! Question here: What about the MACD? Looks like it's going to push up a lot.
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@Seviii, Thank you for the comment! The MACD has formed a bullish cross. but it did so on weak volume, and with no quick response on the chart. You can see that the price action is just trapped inside of the bear flag. Given the overall bearishness of the chart, a weak cross on the MACD is insignificant. Look at how deep it was falling on December 23rd. It could definitly push lower. I hope this helps. Thank you for following! >=D
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