Bitcoin: The cross of death. By: mlrequena78

mlrequena78 (60)Friendin Steem Schools • 3 years ago (edited)

🤑 HELLO STEMIANS 🤑

Greetings to all members of the #steemit platform and especially to friends of the #SteemSchools community, today I make my first post on this platform due to an article that I'm just reading and which has caught my attention, which explains precisely what is "THE CROSS OF DEATH".

Precisely the topic has to do with cryptocurrencies and their recent activities, I think it is no secret to anyone the fall in the prices of cryptocurrencies and especially bitcoin in recent months, after reaching a peak that exceeded $ 60,000.00 per Bitcoin and in which a rise in the value of the same was predicted above $ 150,000.00.

And it is precisely the price of the so-called digital gold has fallen below $30,000.00, representing more than 50% of the maximum value reached by the cryptocurrency a short time ago.

It is here then where the phenomenon called by experts in the area as " In simple words, the cross of death is formed when the average price of the last 50 days falls below the average price of the last 200 days. (In technical terms we speak of "the moving average" of the last 50 and 200 days)."

_{Article source msn.com}

The situation itself fills analysts and investors in the area with uncertainty and pessimism, as the presence of the phenomenon suggests that in the long run the trend is downward for the price, since the cross is a pattern that is widely used in the analysis when studying and investing in crypto-assets.

Who would have imagined that the most stable crypto-asset would be suffering such a devastating fall in its prices, as the global situation due to the Covid-19 pandemic and Elon Musk's recent statements on excessive energy consumption in cryptocurrency mining have wreaked havoc on cryptocurrency prices.