BITCOIN formed a MACD Bearish Cross. Time to prove Bear is over?

Aug 7, 2022

Bitcoin (BTCUSD) has made a confirmed Bearish Cross on MACD on the 1D time-frame. Every such formation within 2022 has so far been extremely bearish, marking a top to a subsequent aggressive price fall. It may be above the 1D MA50 (blue trend-line) and still within a Channel Up but we've seen similar patterns leading to MACD Bearish Crosses, followed by price falls.

Currently BTC has failed to break even the 0.236 Fibonacci retracement level where it was rejected exactly on July 30 and the 1D MA200 (orange trend-line), which is intact since December 31 2021, is on the 0.5 Fib level, a strong Resistance.

Do you think it is time for Bitcoin to finally invalidate a MACD Bearish Cross and prove that the Bear Cycle is indeed over? Feel free to share your work and let me know in the comments section below!



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