Bitcoin Death Cross Today - June 20, 2021

John Barry | Sun Jun 20 2021

Key highlights

  • The 200-day moving average is above the 50 day MA – Bitcoin Death Cross day
  • Bitcoin and other leading Altcoins have been mostly flat since June 18th 4 pm.
  • Short positions are decreasing.
  • Similarities between today’s price pattern and the BCD pattern of 2019 continue
  • Bitcoin price movement prediction is at the end of this article.

Comparing Today's Bitcoin Chart and 2019 Bitcoin Death Cross Chart

 

Its official -> the Death Cross for Bitcoin has occurred for the fourth year in a row.   The prior 3 times, this lagging indicator has signaled a buying opportunity.   The 200-day moving average for Bitcoin is now $42,922.  The 50-day moving average is now $42,557.

Comparing 2021 and 2019 Bitcoin Death Cross days
Hourly BTC/USD - Trading View

 

Bitcoin Short Interest Chart

June 20 - Bitcoin Short Positions Chart
BTCUSDSHORTS - TradingView

 

 

The short interest is now decreasing, however it is still near yearly high levels.   This high level of shorts indicates the potential for a short squeeze.  The level of short interest on Bitfinex cryptocurrency exchange has increased over 1,800% this month (off highs of +2,800%).

 

Current Bitcoin Analysis

 

The similarities between 2019 and 2021 BDC patterns are remarkably similar.   In 2019 you had a downturn into the BCD day, many positions were short, and a short squeeze followed.    In 2019 the Bitcoin price increased 40% from $7,443 to over $10,500.

Like 2019, Bitcoin price has been flat the day before the BDC, its had a +/- 1% price range for 32 hours now since the American stock market closed.

I am waiting to see a small increase in the Bitcoin price.  A price above $41,000 will be a very bullish signal, as additional price increases will put pressive on short positions.

 

 

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None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.

Full discloser: I do own Bitcoin and have Altcoin positions.