By looking at the price action on bitcoin in a daily time frame, we can see the price of bitcoin has just flashed this dead cross because date cross is usually looked as a very, very, very scenario in price action, bitcoin, and it has just flashed in so. What does this actually mean here for the media short term and what could be the outcome of this dead course here now upcoming days for bitcoin price action? I am going to show you all this scenario in todays video, so please watch it till the end and also guys before diving into the content. I would really really appreciate if you could just take two second of your time and smash the like button and for those individuals watching for the first time hit that subscribe button and the bell so now starting dc in a daily time frame. I want to show you all the dead cross that has unfolded in pass bit compress action, even though dead cross is looked as a very, very, very scenario, but my personal take is different this time. Why? Because, if you go back here from pass bit compress action when the price of bitcoin from this dead cross, yes, we did saw a retracement. You can see after the state cross. Surprise of bitcoin did saw this retracement, but from the double bottom and started a new movement again lets go back here from march 2020. You can see yes, this was a dead cross.

After that, we did saw some sort of a reversal, but you can see price showing some impulsive movement and also started this new rally right. That can be seen very, very clearly again. Lets go back here. You can see another dead cross scenario here as well. We had this correction, but after this correction the price started consolidating and again started this new move here to the upside. Yes, date cross has led to some price pullback, but it doesnt necessarily mean that this time it has to be the same and also im going to add another indicators which is showing us that maybe yes in the immediate short term, we could see some more shakeout, But this doesnt mean the price of bitcoin has to see this kind of movement. Why? Because, if you look at this price structure around this area and compare this with the previous one, i mean, if you look at this price movement and this one price movement. Let me add, this cpi indicator and show you one by one. So before i type into this content, i want to give you guys a quick announcement that from now on, there will be crypto anub german channel as well. So if you are a german speaker and want to support me, there then feel free to follow this crypto anub german channel and for the link. You just have to go to the video description and you will see there just click on it and feel free to follow me.

There now lets dive into the content so now again here in a daily timeframe. What im going to do? I am going to use this cpi indicator, which is known as a leading indicator and provides us with information beforehand and now, if you look at the cpi indicator and compare the price movement here and here, because i showed you with this example – the cpa indicator. If you look at this monthly resistance line monthly support line, we could be forming a pretty exact scenario, just like here, from pass bit compress action. Why did i say do that? Because you can see here when the price of bitcoin was starting, this new impulsive movement, the price usually finds support at the top cpr line and tests the monthly air online. Before continuing this rally in this manner, you can see this actually also looks like more of a higher high cpi line, but except this one here from april, where you can see very clearly, the price of bitcoin was not able to touch this green line, which was The monthly hour line in an uptrend the green line will be tested. Always you can see here right so price. Always this is the green line, which is the monthly resistance line, but in april you can see the price was not able to toss the monthly error line. That is a sign of weakness, and after that you can see. We started this new downtrend right and this downtrend, if you look at this carefully, did not found support at the cpa line, but the sepia acted as a resistance, right resistance and then a pullback again.

You can see here another resistance and then pull back right. You can see this cpu line acted as a strong line of resistance before we finally broke out of it and started this new impulsive movement, and in our case you can see right now. If you compare this with the password compressor action, pretty exact scenario – i mean price was testing the monthly resistance line again and again when we started this new movement right, but in november month you can see we left the monthly error line open just like here and After that, we started this downtrend and since then you can see if you compare this with the password compressor section, it is looking pretty similar because the same line in an uptrend which acts as a support acted as a resistance. After that we had this price retracement. You can see rejection and then retracement so now, if this is going to be a pretty similar scenario, just like here from pass bit compress action, what we are also expecting to happen in price action bitcoin, then this dead cross and golden cross scenario will make a Lot of sense, because we could see a movement here in this manner for bitcoin, so thats. Why? I personally also believe if the price of bitcoin is going to show another similar scenario like this, then maybe we could be retesting the lower line area around 40 000. One more time and then start this new movement in this manner, and does this going to make sense if the price of bitcoin is going to retest the lower line area around this 40? 000? One more time? Because if you look at this price movement again, comparing you with the past price action right, you can see very clearly guys.

The price of bitcoin was forming a very similar scenario where we had this rising wage rising weight is looked as a berry scenario. As soon as the support got broken you can see. We started this downtrend right here was a pretty similar one broke. The support from this rising weight started this new downtrend. So if this is going to be another movement in this manner, then maybe the price of bitcoin could be forming another falling, which type of scenario here and start this new movement after retesting the lower line area around 40 000 range. I will be showing you why this 40 000 could be an extremely important line of support, and after that we could expect some really nice bounce in price action bitcoin later in this video. But now let me show you in another way why the price of bitcoin right now could be seeing some sort of a weakness in immediate short term, but for the upcoming days this retracement could be forming another bully scenario for bitcoin. Let me show you here so now what ive actually done. I have added this bump and run reversal scenario for bitcoin and if you look at this in a four hour temperament, also the price movement right now, you can see very clearly guys in a successful bump and run reversal. The resistance line will be flipped into support before we start this new rp run, but in a failure you can see.

After breaking out of this falling trend line, which temporarily acted at the medicines, the price will be unable to find support at this trend line and start this downtrend. Since the price of bitcoin has formed this dead cross and now the price is also looking like. A very similar example from this failure bump and run reversal now what we want in immediate short term, the price of bitcoin to hold this falling trend line at any cost, because we can see this falling trend line was an extremely important line of resistance. And now we retested the previous temporary wasteland and found support. So if the price of bitcoin is going to remain above this line, this falling trend line, then maybe even this is a dead cross scenario. We could see some sort of a consolidation and price again trying to move here to the upside, but if this is going to fail, then we are aware the price of bitcoin could be retesting. This lower line area again around this 40 000 one more time before again choosing an actual train direction. So this is one scenario we have to take it into consideration, since the price of bitcoin is forming. This very very similar scenario, just like here from bump and run reversal example, and the reason why, if we do see this retracement around this 40 000 inch. Why? I personally think this could be a very, very strong support for bitcoin, because we can see in the past speed conversation this rising trend line, which i also included on my yes, this video has been acting as a strong line of support notice.

This horizontal train line, because you can see this rising trail and was a strong line of support for bitcoin with each and every price retracement. After that, we have seen a really nice bouncy in price action and, right now, since the price of bitcoin is exactly there, we have said losing the support from this. 40 000 will invalid all the scenarios which could be in favor of bulls, and we could be turning very, very bearish from day on, but so far as you can see, the price is still holding this rising trend line and also the support from this horizontal trend Line which previously acted at the resistance and could be acting as a supporter on this 40 000 range. Not just only that also this head and shoulder the neckline area is lying exactly around the 40 000 price range. So if the price of bitcoin wants to form an exact bullish scenario, even though head and shoulder is looked as a berry scenario, then the neckline should not be broken at any cost and, along with that, the bitcoin logarithmic growth cup in a weekly time frame. This orange line, which is the 23.61 fibonacci level, is also lying exactly at this 40 000 range. So these are the reason why the price of bitcoin should not break the support from this 48 000 range at any cost, because breaking this support from this 40 000 will clearly indicate a sign of weakness, and in that case you can see we could be retesting.

The bottom line of this bitcoin logarithmic growth curve and that could bring the price below 30 000 range, and that is not what we want to happen. So this are some of the interesting scenario i wanted to share with you in todays video. If you enjoyed my work guys if you enjoyed what i just showed you then please hit the like button and for those individuals watching for the first time hit that subscribe button and the bell.