Can bitcoin continue to perform against the wind as the "death cross" approaches again?
After the worst start to the year for bitcoin (down more than 10% year-to-date as of this writing), holders of the largest cryptocurrency are now facing an ominous technical price pattern indicator that suggests the outlook for bitcoin may not be so clear.
The indicator, known as a "death cross," is said to occur when an asset's average trading price over the past 50 days falls below its 200-day moving average, indicating that the asset's momentum is declining. not yet seen with bitcoin, it appears to be coming later this week and "the chart is very clear."
So far in 2022, bitcoin has only had three trading days that were up. While the second-largest cryptocurrency, ethereum, rose to around $3,233 per coin on Tuesday, it also appears set to form a "death cross.