Looking at the daily chart you can see how price has melted over the last couple of weeks. On the daily chart , we are very close to having a death cross. So far within a period of 2 months, we’ve had a golden and death cross which is not common. This mostly tells you that BTC was on an upswing which forces a golden cross until an external event influenced its trajectory and drastically forced price down – which will force a death cross.
Let’s look at the weekly chart since we are looking at a long-term event. It has been a long, long time since BTC has gone under the 200MA on the weekly chart and we just did that last week. Looking at other assets it may take a while to recover If BTC does not manage to go over the 200 MA this or next week. In only 3 weeks BTC went from 10K to $3800 and as predicted, once the WHO made the announcement that COVID-19 is now a pandemic the biggest drop happened. As more information continues to come out about this event price is subject to drop as the overall health of the markets right now is not good. This, in the long run, will produce an opportunity to jump in at very low prices. There are other announcements coming that will prompt further drops, such as when the impact of this pandemic on the world economy is clearer. Keep this in mind, there are 3 phases to events like this; the uncertainty, the neutralization and the recovery. There will be a recovery phase and it can turn crypto into an investment opportunity once again if prices continue to drop . Needless to say, expect volatility in the next few days and weeks.