Bitcoin (BTC) Still on track to form Golden Cross Pattern despite recent release
The Crypto markets have managed to stop the downward descent, and found relatively strong levels of support slightly below their current price level. Bitcoin (BTC) – which recently fell to the $ 4900 region after rapidly moving on to $ 5400 -. Has established its latest lows as a region of support and has since been able to tepidly advance higher
Despite this last drop, Bitcoin is still on track to form the coveted golden cross technical formation, which has initiated massive ox goes earlier this year, among other things that have seen after the 2015 bear market.
Bitcoin (BTC) tepidly moves to $ 5100
at the time of writing, Bitcoin is trading nominally at the current price of $ 5,1[ads1]00, up slightly from the daily decline of $ 5,050.
Over the past few weeks, Bitcoin has incurred a tremendous amount of buying pressures that sent it skyrocketing from a month's decline of less than $ 4,000 to $ 5,400 highs. BTC's ability to keep above $ 4,900 a bullish sign.
CryptoHornHairs, a popular cryptocurrency analyst on Twitter, told its followers in a recent tweet that the $ 4,900 level is a critical area of support under a Wyckoff analysis
. "Bitcoin – Wyckoff study – Close under $ 4.9k daily and ICE crushes," he said, explaining that a drop below $ 4900 will open the ports for significant additional losses
. #Bitcoin – Wyckoff study
Close under $ 4.9k on the daily and ice crusher ❄️❄️❄️ $ BTC pic.twitter.com/7Fjg7NLEvd
– HornHairs ? (@CryptoHornHairs) April 12, 2019
BTC Still Near to Forming Gold Cross Pattern
The golden cross pattern is an excellent bullish technical formation that occurs when an asset's 50-day moving average (MA) and 200-day MA cross o no one else, which previously went ahead of major beef movements, including meteoric price increases that BTC encountered after the end of the 2015 bear market.
Moon Overlord, a popular cryptocurrency analyst on Twitter, talked about the possibility that BTC is currently forming this esteemed pattern in a recent tweet, noting that crypto currency may still be close to forming this pattern despite the recent price decline that stopped Bitcoin is upward momentum.
“golden cross on #bitcoin forming? It would be the first since October 2015 when $ BTC was around $ 200, "he explained in a recent tweet.
golden crosses on #bitcoin forming?
It would be the first since October 2015 when $ BTC was around $ 200. pic.twitter.com/V5qU7kg0Yj
– The Crypto Moon Overlord (@MoonOverlord) April 13, 2019
Assuming that Bitcoins bulls can keep the price of the crypt over $ 4,900 in the short term, a golden cross pattern can soon be formed – which can confirm the start of a fresh and lasting beef trend.
Featured image from Shutterstock.
