Bitcoin to Form ‘Death Cross’ For First Time since Sept 2019; Severe Correction Imminent…

Bitcoin appears to be forming a severely bearish technical indicator that analysts call a “death cross.”

The grimly-named signal will kick in when bitcoin’s 20-day moving average drops below its 50-day moving average. So it appears, the cryptocurrency is only a few sessions away from making its first Death Cross for the first time since September 2019 – a market alert interpreted by some traders as extremely bearish.

Historically Accurate Bearish Signal

The signal could occur at a time when bitcoin is already down by more than 15 percent from its year-to-date high of $10,522 (data from Coinbase). The cryptocurrency on Monday rebounded by 4.61 percent but it remained under the intense pressure of continuing its price dip led by Coronavirus fears all across the global markets.

The Death Cross formation somewhat amplified the market’s prevalent downside risks. That is because of the indicator’s historic relevance in predicting bitcoin’s price declines. In its last…