Despite the current support level holding strong again, the recent daily 15/50 death cross on the 27th August presents a possible indication of where the current consolidation period will break. The previous death cross provided a 50%+ retrace
The 4-hour death cross on the 13/48 EMA has been a reliable indicator this year as we have just entered one today.
The previous death cross on this time frame has produced a 32% drop over 8 days
The crosses prior to that were 18%, 13% and 5% moved down. All four crosses average out to 17% over 8 days.
You can find this indicator here on TV under 'True Golden...
BTCUSD possible death cross forming as traders take profit going into the new week.
Stochastics and MACD have shown bearish crosses forming also on the 4 hour timeframe and daily, adding to the momentum of a correction possibly being on the cards - in the range of a $7200 to a swing low of the $5800 range, a potential play ahead of the fork could bring high...