• Bitcoin has formed a bearish crossover on the weekly chart’s MACD.
• The signal could cause Bitcoin’s price to drop up to 19%.
• A developing head and shoulders pattern suggests BTC could potentially drop lower.

Bitcoin has formed a bearish crossover on the weekly chart’s moving average convergence divergence (MACD) indicator. According to the crypto YouTuber, CryptoKid, that could lead to a price drop of up to 19% by the pioneer cryptocurrency.

CryptoKid made the statement during a video interview with the host of The Moon, a crypto YouTube channel that discusses crypto market trends and price developments. CryptoKid confirmed that using the MACD bearish signal, he has opened a short swing position for Bitcoin.

Aside from the MACD signal, CryptoKid observed that the Bitcoin chart could develop into a head and shoulders pattern. He shared a chart in the video indicating the head and shoulders pattern is still developing, with significant bearish tendencies. CryptoKid believes that fulfilling that pattern would imply that Bitcoin’s price will drop from the current level.

Although the signals are there, CryptoKid noted it is still too early to confirm…

The post Bitcoin Threatened by Bearish MACD Crossover on Weekly Chart appeared first on Coin Edition.

• Bitcoin has formed a bearish crossover on the weekly chart’s MACD.
• The signal could cause Bitcoin’s price to drop up to 19%.
• A developing head and shoulders pattern suggests BTC could potentially drop lower.

Bitcoin has formed a bearish crossover on the weekly chart’s moving average convergence divergence (MACD) indicator. According to the crypto YouTuber, CryptoKid, that could lead to a price drop of up to 19% by the pioneer cryptocurrency.

CryptoKid made the statement during a video interview with the host of The Moon, a crypto YouTube channel that discusses crypto market trends and price developments. CryptoKid confirmed that using the MACD bearish signal, he has opened a short swing position for Bitcoin.

Aside from the MACD signal, CryptoKid observed that the Bitcoin chart could develop into a head and shoulders pattern. He shared a chart in the video indicating the head and shoulders pattern is still developing, with significant bearish tendencies. CryptoKid believes that fulfilling that pattern would imply that Bitcoin’s price will drop from the current level.

Although the signals are there, CryptoKid noted it is still too early to confirm…

The post Bitcoin Threatened by Bearish MACD Crossover on Weekly Chart appeared first on Coin Edition.