Legendary Stock-Picker Predicts Best-Performing Stock of 2020

Jeff Clark: Bad News for Bitcoin

It looks like the King of Crypto – Bitcoin is headed lower for the next few weeks.

By Jeff Clark – the editor of the Jeff Clark Trader

The price of Bitcoin is breaking down.

It’s been a few weeks since we last looked at the King of Cryptocurrencies. Back then, we noted how Bitcoin was approaching the apex of a large consolidating triangle pattern. It was headed for a BIG move one way or the other. But, we didn’t know the direction. All we knew was that it would be a big move.

Now we know the direction. It’s lower.


— RECOMMENDED —

Hedge your entire portfolio for just $500? [Must-See]

One speculation could turn $500 into an extraordinary tens of thousands in a matter of weeks. And it has nothing to do with shorting, buying puts, or timing the market. But this rare opportunity could be the last good chance to get in. What’s this investment?

Let this California man explain everything, right here.


Look at this updated chart of the Grayscale Bitcoin Trust (GBTC)…

Bitcoin broke down last week. The price is now below the support of its 50-day moving average (MA – blue line) and its 9-day exponential moving average (EMA – red line). So, those former support lines are now resistance on any rally attempts.

More importantly, the 9-day EMA is about to cross below the 50-day MA. This sort of “bearish cross” has often signaled the start of significant declines in Bitcoin.

The black circles on the chart mark the three previous bearish crosses over the past year. Each of them led to declines of 30% or more within just a few weeks. It looks like we’re headed for something similar this time around.

Of course, it’s worth pointing out that we don’t yet have a bearish cross in the moving averages. As of Friday, the 9-day EMA was still above the 50-day MA. So, it’s possible that if GBTC rallies sharply today we can avoid that bearish signal.

But, it doesn’t seem likely.


— RECOMMENDED —

Fair Warning: This May Not Be Right For You

image

There’s no guarantee that this radical retirement plan will be right for you. It’s different… and goes against conventional wisdom.

But it helped millionaire trader Jeff Clark retire at 42. And it continues to help him make tens of thousands of dollars every year.

Check it out here


Anything short of a big rally in Bitcoin today is going to create a bearish crossover in the moving averages. And, with the financial markets shifting from a “risk-on” environment to “risk-off,” we’re not likely to see a big rally in Bitcoin today.

So, it looks like the King of Crypto is headed lower for the next few weeks.