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:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
