BTC Golden Cross On The Daily Despite Recent Sell Off

20 feb 2020

After a healthy uptrend BTC has met resistance on the major diagonal resistance line drawn from the 20k & 14k peaks. Despite a strong rejection we have still managed to get a Golden Cross on the daily chart . Stochastic RSI in oversold conditions. However, We are in overbought territory on the Weekly timeframe in Stochastic RSI . Looking at moving averages for support out fist one would be the 50 day around the $8,500 region. We need to breakout of the diagonal resistance before we can put our moon suits on. That time only grows closer each day. Could see a double bottom get printed in daily Stochastic RSI in oversold condition while the weekly cools off. There is definitely some downside potential for BTC and the market overall in the short term. If your focused on the macro picture you know where were going long term. Double digit blocks soon to be a thing of the past ---> for ever.

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