Bitcoin most recent golden cross reignited the hopes of bullish run 2.0. Following the golden cross, Coinfomania reported based on the charts, it is safe to conclude that BTC is in a safe zone now as it does not tend to dip as low as $40,000. The analyst also added that in a worst-case scenario, it will take days of price dips to see bitcoin flip the $40k support which is very unlikely anytime soon.
The analysis continued as it outlined channels that were created using Fibonacci Retracement. According to this indicator, we are within the $45k-48k channel and the article state that the king coin has to cross $48,974 to advance to the next course or risk a price retracement back to the previous course.
BTC failed to hit $49,000 and as predicted the BTC/USD pair has been oscillating between the two channels (the current and the previous) as it keeps dipping below $45,500. However, there is more bad news for the bulls the largest crypto by market cap may be heading for another large sell-off.
The Moving Average Convergence Divergence (MACD) is the indicator at play now. On the 1-day chart, the green line is about to intercept the orange as indicated in the chart above. This interception will signal price retracement. How long it will last depends on how quick the buyers react to it. If the price dip continues for up to three days, the $40,000 mark may come under test.
In contrast to the looming sell-off, if the right-wing trader rally the king coin and it exits its current channel to the next, we are sure that it will get the needed boost to flip the $50,000 resistance within the next seven days.
Solana Due For Correction
It is also important to note that Solana is now overbought and as a result, we may see the tenth coin by market retrace. The price correction may leave the coin struggling at $60
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