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A bearish chart pattern known as a “death cross” is close to appearing in bitcoin’s chart.

The development is generating buzz Friday, and it’s illustrated in the above graphic — which is our Need to Know column’s chart of the day.

The “death cross” pattern occurs when the 50-day moving average drops below the 200-day moving average. The idea is that this cross marks the spot where a shorter-term decline is turning into a longer-term downtrend.

But technical signals derived from moving averages aren’t always good market-timing tools. That’s because they are often telegraphed, and they don’t have a great success rate, as MarketWatch’s Tomi Kilgore has noted.

Read more: Bitcoin struggles for stability, facing 10% drop for the week

And see: Bitcoin’s intrinsic value “must be zero,” says financial giant Allianz


BTCUSD, -3.49%

hodlers can point to a different chart that’s signaling bitcoin at $91,000 within two years. The world’s No. 1 cryptocurrency was recently changing hands around $8,200.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one dashboard

(Excerpt) Read more Here | 2018-03-16 11:46:56


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