BTC is Up 18%, But The Bears Remain in Control!

Bitcoin is currently rallying into the death cross region, where it will likely find extreme resistance. Today's candle is currently a bullish engulfing candle, but that doesn't mean that BTC will necessarily continue to rally above the death cross. A sustained breakout above the death cross would change the outlook from bearish to bullish. However, that hasn't happened yet, and despite today's 18% rally, the bears are still in control of BTC right now. A breakout above key resistance like the death cross, and a close above that level, with support held on it afterward, would change the foretasted direction of the market. Until that happens, the bias remains to the downside. Also, it isn't abnormal for the market to rally on a death cross, or fall on a golden cross. So, it would be wise to exercise caution in your assertions of the market right now.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***