Technical analysis by Kingofdoom7706 about Symbol BTC: Sell recommendation (3/24/2025)
🚨 Death Cross Alert! 🚨Bitcoin is on the verge of forming a Death Cross, where the 50-day moving average (MA) crosses below the 200-day MA. Historically, this pattern has been viewed as a bearish signal, often indicating potential for deeper corrections.(only for beginners)🔍 What Is a Death Cross?A Death Cross occurs when short-term momentum (50MA) weakens and crosses below the long-term trend (200MA). While it’s often seen as a bearish indicator, it’s important to note that the immediate impact varies, and sometimes it can be a lagging signal.📉 What Happened Last Time?Looking at previous Death Cross events on BTC:•June 2021: Price dropped ~55% from the local top before finding support.•March 2020 (Covid crash): BTC tanked nearly 60%, but bounced hard after capitulation.•Late 2019: Followed by a ~40% decline before bottoming out.🛑 Key Support Levels to Watch:•$58,000 – Previous resistance flipped support zone.•$53,000 – Strong historical demand area.•$48,000 – Major liquidity zone and psychological level.⚠️ My Bias:I’m leaning bearish in the short to mid-term. The confluence of weakening momentum, macro uncertainties, and historical patterns suggests we could see more downside.That said, I’m also wary of fake-outs—especially with large players potentially trapping late shorters before a squeeze.❓ What’s Next for Bitcoin?Is this the beginning of a major correction, or will Bitcoin defy history and surprise us with a bullish twist?Drop your thoughts in the comments! 👇Date : 09-04-2025Recent Price Movements:Intraday High: $80,138Intraday Low: $74,772The current downturn is influenced by several factors:Geopolitical Tensions: The announcement of extensive reciprocal tariffs by the U.S. and China's subsequent retaliation have heightened market uncertainty. Technical Indicators: The recent completion of the Death Cross (50-day MA crossing below the 200-day MA) on April 7, 2025, is traditionally viewed as a bearish signal, potentially indicating further downside.Supply and Demand Zones for Positional Trading: Given the current price levels, it's crucial to identify key areas of support and resistance:Immediate Support Zone: $74,000 – $75,000Bitcoin has tested this area recently; a decisive break below could lead to further declines. Next Major Support: $55,000 – $57,000If the immediate support fails, analysts suggest a potential drop to this range. Resistance Levels:$78,500: Short-term resistance; a move above this could signal a reversal.$80,000: Psychological barrier and recent intraday high.
