đš Beware of the Fakeout and Upcoming Death Cross! đš
Bitcoinâs current price movement is luring traders into a false sense of security. Yes, BTC touched $66,498, and the price is now hovering around $62,612, but donât be fooledâthis could be a classic fakeout. Thereâs a storm on the horizonâŠ
đ Death Cross Incoming! đ
The 7-day and 25-day moving averages are dangerously close to crossing the 99-day MA, a signal of the notorious death crossâa strong bearish indicator. This setup suggests further downward pressure may be on the way. đ
đĄ Technical Analysis Breakdown:
Volume Shrinking đ: Declining volume indicates a loss of momentumânot a good sign for the bulls.RSI at 51.50: Weâre in neutral territory, but the lack of clear direction signals caution.MACD Bearish Divergence: Both bulls and bears seem uncertain, creating a tension that could break either way.
đ What to Expect:
If BTC breaks below $61,682 (MA7), brace for a deeper drop toward $61,075 (MA99).On the upside, reclaiming $66,498 might give bulls temporary control, but donât get comfortableâthis could be short-lived.
Stay vigilant and watch those moving averages. The upcoming death cross could flip the market, bringing even more volatility. Stay patient and avoid emotional trades in these uncertain times. đŠđȘ Opportunities come to those who remain sharp!
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