Technical analysis by WOLFofBlockStreet about Symbol BTC: Sell recommendation (8/14/2024)

Welcome to another analysis, where I dive into the latest developments with BTC and explore the potential paths ahead.I'm becoming increasingly bearish on BTC following the confirmation of a "Death Cross," where the 20- and 50-day moving averages have crossed below the 200-day moving average. This pattern is often seen as a strong indicator of a bearish reversal and the start of a new downward trend.Historically, when we experienced a "Death Cross" in January 2022, BTC dropped from $50,000 to $15,000 per coin. While there have been instances where BTC recovered after a Death Cross, given the current pattern of lower highs and lower lows, coupled with the ongoing uncertainty and volatility in the stock market, I believe the bearish scenario is the most likely outcome.Although I'm long-term bullish on BTC, it might be time for the cryptocurrency to take a breather, potentially allowing altcoins to take the spotlight!Be sure to follow for more updates like this! I also post daily on X: @PuppyNakamoto.Thanks for reading, and good luck with your trading! BTCUSD BTCUSD BTCUSD BTCUSD BTCUSD BTCUSDT