Bitcoin's Weekly Chart Shows Bear Market Likely to Worsen or Does It?

With a flawless track record of catching sellers on the wrong side of the market, the next weekly chart bearish crossing will likely do just that.

There could still be more suffering for bitcoin (BTC).

A weekly chart momentum indicator, which is likely to flash the first negative signal in more than three years, is sending this message.

In a week or two, Bitcoin's 50-week simple moving average (SMA), which is now drifting downward, is expected to cross below the 100-week SMA,

marking the first bearish crossing since February 2019.

The forthcoming bearish cross should, in principle, indicate a deepening of the bearish momentum,

 but the signal has a flawless track record of catching sellers on the wrong side of the market, similar to the negative SMA crossing that was verified on the three-day chart last month.

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