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* This article does not represent investment advice. Cryptocurrency trading is risky and you might like all your capital.
Highlights
The 200-day moving average is above the 50-day MA – Bitcoin Death Cross day.
Bitcoin (CRYPTO: BTC) and other leading altcoins have mostly been flat since 4 p.m. June 18.
Short positions are decreasing.
The similarities between today’s pricing model and the 2019 BCD model continue.
The prediction of Bitcoin’s price movement can be found at the end of this article.
Comparison of today’s Bitcoin chart and Bitcoin Death Cross chart 2019
It’s official: the Death Cross for Bitcoin has taken place for the fourth year in a row. The last three times this lagging indicator signaled a buying opportunity.
The 200-day moving average for Bitcoin is now $ 42,922, while the 50-day moving average is now $ 42,557.
(Hourly BTC / USD – Trading View)
Bitcoin Short Interest Chart
(BTCUSDSHORTS – TradingView)
Short-term interest is declining now, however, it is still near the highest levels of the year. This high level of shorts indicates the potential for a short squeeze.
The level of short-term interest on the Bitfinex cryptocurrency exchange has risen by over 1,800% this month; on peaks of more than 2,800%.
Current Bitcoin Analysis
The similarities between the 2019 and 2021 BDC models are remarkably similar. In 2019, you experienced a slowdown in the day of the BCD; many positions were short, then a short squeeze followed. That year, the price of Bitcoin rose 40%, from $ 7,443 to over $ 10,500.
As in 2019, the price of Bitcoin remained stable the day before the BDC; it had a price range of around 1% for 32 hours now since the US stock market closed.
I am waiting to see a small increase in the price of Bitcoin. A price above $ 41,000 will be a very bullish signal as further price increases will put pressure on short positions.
Written by John Barry, CEO of Quantify Crypto
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