Bitcoin prices may be headed for more losses, according to technical analysis. Bitcoin is on a “collision course for a death cross,” said analyst Mati Greenspan, referring to a chart setup where an asset’s short-term moving average falls below its long-term moving average, portending price declines. The graph below helps illustrate this situation, charting the digital currency’s 50-day moving average (DMA) against its 200-day DMA. “Relying exclusively on heavily watched indicators by retail investors like the death cross all too often lead to getting out, when you should be getting in,” he noted. However, “the bullish case for BTC longer term is not dead by any means so no trading decisions should be made exclusively on the ‘hot take’ of a death cross!”Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

Source: Forbes October 24, 2019 16:06 UTC