Bitcoin: The 'golden' moment is around the corner
|- BTC on the verge of witnessing a golden cross pattern.
- Immediate term, slight resistance abound, may break on the upside.
Bitcoin, the poster boy of cryptocurrencies, is on the verge of witnessing a golden-cross technical pattern, which is bullish for the prices, even as in the immediate term there is a resistance that might try and halt the party for time being.
BTC/USD is up two cents of a percent at $5,301 and trading in less than 1 percent range for the day, not a hallmark of a breakout - thanks to a key resistance on the hourly chart of the largest crypto that has been acting tough all this month.
Perhaps golden crossover would prove a key to breaking this resistance on the hourly. A golden cross occurs when 50 days SMA crosses past 200 days SMA on the upside, opposite of the Death cross which is bearish for the prices.
BTC/USD 60-minute chart:
BTC/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.