 This week in crypto, Elon Musk announces that Tesla Merch is now buyable with Dogecoin. Brazil's Rio de Janeiro Mayor reportedly wants to invest 1% of its balance sheet in Bitcoin. And last but not least, the Bitcoin death cross is back. So of course expect thousands of YouTubers creating Bitcoin death cross videos calling for our doom yet again. So is this time actually it for Bitcoin or should we not look up? All that and more covered in today's video. Turning on the notifications and of course smashing the like button. So let's go ahead and jump right into today's video. So simply put the death cross is when the 50 day moving average crosses below the 200 day moving average. So one thing to remember with moving averages is that they are lagging indicators. So with this huge pullback, this huge correction that we've had since November, of course, the moving averages are going to flip because it's telling us what we already know that's already happened. So then the question becomes, does that mean that we are going to see more selling pressure and more downside? So if we go back to the last time that we saw the death cross that was back in June 19th of 2021, you'll see that from that point to the lowest point that we saw from there was about a 19% drop. So we did get some downside and then we flipped right back to the upside and of course flipped back to the Golden Cross at that point. So now here we are back at this death cross yet again. So one thing that we have similar here when this death cross happened, we were kind of in that same level of where this support was and the long term ascending support as well. You'll see that we dipped into the support and then bounce right up. So we're kind of in the same place. However, right now we're a little bit closer to the support. So we're in the green support zone. I would say that the support zone is actually probably more towards that $42,000 range and we're right on this ascending support. So are we going to hold or are we not? If we fell the same 19% that we saw last time, and that would put us below all of these supports. So if that scenario played out, then I would say that we were definitely going to visit lower levels. And that could be at that point, we could just be seeing crypto winter there probably for the rest of the year. However, as long as we hold this support here, we are fine. I am still bullish. We just need to hold the support if we lose it. Then of course, I think that we lose the overall trend and the probabilities point to the downside at that point, right? So I looked back on history every time that we've had a either golden cross or a death cross. And I looked all the way back to 2011 ish. And what I saw was that whenever that happened, the accuracy of the cross was around the 60% range. So that would mean that we have a 60% chance of dropping lower now due to the fact that we have this death cross here and potentially revisiting lower levels. So if you guys want a more in-depth video breaking down exactly how the death cross works, you can check out this video right here called the Bitcoin Death Cross Explained, where I completely break down how it works and how it's reacted in the past to these type of situations. Now to counteract that point of view, on-chain data is still very bullish. Miners are still not selling their Bitcoin. Long-term holders are still holding onto their Bitcoin. None of these on-chain indicators that have always called the top have called anything. The NVT signal indicator, which has signaled a great buying opportunity multiple occasions, is signaling a buy here. That indicator that I don't even know the name of, that all the cool YouTubers use like BitBoy and stuff that puts the dots, that one's been painting some green dots that supposedly is good. And then of course we have these supports here. We have the fractals here from the last time that we saw a similar situation. And this Wycoff accumulation schematic that we have been following for the last week or so is still currently playing out. It is still valid. And remember, like we told you guys, we're expecting a bounce up here over the next couple of weeks, possibly to that 50 to $52,000 range. What's interesting here is if we get that, we would actually get above these moving averages, which might flip the moving averages back into a Golden Cross. So that would be really interesting to see. We also have here what looks like another falling wedge. So there's definitely a lot of things going on that you can look at in the chart right now, whether you're bullish on Bitcoin's price or bearish on Bitcoin's price. There's enough data and enough clues, I believe, to back up both sides of the story. And of course, if you even zoom out further into the monthly, you will see that we've had this bearish divergence in the monthly chart. However, because it's a monthly chart, that's usually something that plays out, takes a lot longer to play out, right? So again, there's arguments for both sides here. Now for me personally, like I've been telling you guys for the last couple of weeks, right? As long as we hold above these levels, as long as we hold above these supports, I am still bullish. Okay, if we lose these supports, if we lose $40,000, then we reevaluate and I will be probably looking for bearish targets at that point. But until that happens, I am still bullish on Bitcoin. We're also starting to see some buy walls here building up at $42,000. So 42 is going to be an interesting level to see if it can hold up. We have buy walls all throughout 41 as well. And the $40,000 buy walls are also beginning to build back up. So as you guys know, as far as trading, I'm still at this point only looking to add to my long-term positions. I'm not looking to take any leverage trades at this point because there's no direction right now. So you don't want to be jumping into leverage trades without really a direction in the market. You want to find a good spot to really jump into with some leverage. So for now, I'm only adding to my long-term positions. Once we start getting some movement in one direction or the other, then we will start looking for some scalps and some leverage trades at that point. Thank you guys so much for watching this video. Make sure that if you enjoyed it to smash that like button. Also, if you guys are new to the channel, don't forget to subscribe, turn on notifications. And if you have any questions about anything that we covered today, then just go ahead and drop it in the comments. I'm always happy to answer those for you. I hope you guys had a great week. I hope you have a great weekend and I will see you on the next one. As always, peace and love.