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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin “Death Cross” Pattern that Last Crashed Price By 55% Appears Again

Yashu Gola
Yashu Gola
1 year ago
3 mins read
bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

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  • Bitcoin has come closer to forming a dreaded Wall Street chart pattern: the Death Cross.
  • The bearish technical indicator materializes when an asset’s long-term moving average crosses above its short-term moving average.
  • Its occurrence on Bitcoin daily chart in March 2020 led to a 55 percent price crash.

A “death cross” pattern is looking to materialize on Bitcoin’s daily price chart once again.

So it appears, the cryptocurrency’s 20-day exponential moving average (20-DMA) is hinting to close below its 50-day simple moving average (50-DMA) in the coming sessions. The formation would mark Bitcoin’s first 20-50 crossover since March 2020.

Why 20-50 Death Cross?

A Death Cross pattern typically indicates the possibility of a significant sell-off. Traders for decades have used the technical indicator to predict some of the most severe bearish markets, including the 2008-09 financial crisis, and the dotcom bubble.

Chart watchers confirm a Death cross pattern typically when a 50-day moving average closes above a 200-day moving average. Nevertheless, the 50-200 crossovers generally are lagging indicators – they appear after an asset undergoes major downside moves.

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin price chart on TradingView.com showing its recent 20-50 Death Crosses. Source: TradingView.com

Using a 20-50 crossover allows traders to predict an asset’s trend in real-time. The Death Cross’s last appearance on the Bitcoin chart, for instance, led to an immediate downside correction of 55 percent.

The same happened following the 20-50 crossover in November 2019. The bitcoin price crashed by as much as 28.76 percent shortly after painting a Death Cross pattern. Meanwhile, an uncanny fractal from July 2019 also resulted in a downside price correction of 23.03 percent.

The eerily similar outcomes point to the same bearish moves in the Bitcoin market as its next 20-50 Death Cross materializes.

A Golden Cross on Bitcoin Weekly Chart

There is a massive likelihood of Bitcoin heading lower towards or below $9,000 on the daily chart’s Death Cross sentiment. Nevertheless, the downside move may not last for an extended period as a dissenting Golden Cross forms on Bitcoin’s weekly charts.

bitcoin, btcusd, xbtusd, btcusdt, cryptocurrency

Bitcoin price chart on TradingView.com showing its upcoming 20-50 Golden Cross formation. Source: TradingView.com

A Golden Cross is a polar opposite of a Death Cross. The pattern surfaces when an asset’s short-term moving average closes above its long-term moving average. Bitcoin is less than $40 away from painting the 20-50 bullish crossover on its weekly chart.

A fractal from mid-2019 shows that bitcoin tends to rise after a 20-50 Golden Cross formation. The cryptocurrency surged by circa 69 percent weeks after the pattern’s occurrence in May 2019.

That leaves Bitcoin in a long-term bullish bias. While it may correct lower – possibly towards its interim support target in $8,000-8,600 area, it could eventually resume its uptrend towards $10,000. That may lead to a breakout towards or above $12,000.

Charts from TradingView.com

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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