Bitcoin finally showed signs of life over the weekend, rallying by five percent to test the 22 exponential moving average on the daily chart. However, the rally might be short-lived as the daily death cross looks to become increasingly likely with the 50 EMA sloping down towards the 200 EMA. In order to invalidate a potential death cross Bitcoin needs to climb above the 200 EMA at $8,650 and attempt to break above the $8,800 level of resistance. The daily death cross has only happened twice since 2014. Both crosses acted as a precursor to a respective 70% and 64% move to the downside. If Bitcoin sees a drop of that magnitude from here it will take the price downThe post Bitcoin approaches death cross despite 5% rally appeared first on Coin Rivet.
