The chart also shows a 50 - day moving average (MA) and 100 - day
MA bearish crossover (short - term average cuts long - term average from above).
The 50 - day moving average (MA) and 100 - day
MA bearish crossover (short - term average cuts long - term average from above) also favors the bears.
Further, the 5 - day moving average (MA) and the 10 - day
MA bearish crossover indicates the short - term bias is bearish.
Not exact matches
The much - feared technical indicator (
bearish crossover between the 50 - day moving average (
MA) and the 200 - day
MA) was confirmed over the weekend, but, as anticipated by CoinDesk, the oversold conditions seem to have put a floor under bitcoin prices.
A break below $ 5,786 would validate the
bearish 5 - day
MA and 10 - day
MA crossover and could open doors for a drop to head - and - shoulders neckline (red line) support of $ 5,440.
The chart also shows a
bearish crossover between the 10 - day
MA and the 100 - day
MA.
Bitcoin's close (as per UTC) below the 50 - day
MA yesterday, and the
bearish 5 - day
MA and 10 - day
MA crossover, add credence to the
bearish set up discussed yesterday and has boosted the odds of a further decline in prices.
Meanwhile, a drop below $ 9,017.41 (Jan. 17 low) would add credence to the
bearish weekly RSI, and the
bearish 50 - day
MA and 100 - day
MA crossover, and could yield a deeper sell - off towards $ 7,000.
The 50 - day moving average (
MA) and 100 - day
MA will likely see a
bearish crossover (50 - day
MA cuts 100 - day
MA from above, indicating a
bearish bias).