Bullish run 2.0 may finally be here as Bitcoin experience a golden cross. Last week’s price correction had little or no effect on BTC technicals as they stayed the same after the dip. The image shows bitcoin experiencing a golden cross, more than two months after its death cross. The market has responded positively to the news as BTC is picking up momentum.
Commenting on the death cross, Coinfomania stated that taking into mind the result of previous negative MA interceptions, bitcoin will certainly dip. How low BTC will dip is a question only time can answer but the previous death cross on the 1-day chart does not seem to have a great impact on prices. This time may not be different as the firstborn coin may decrease below $30k before recovery.
As predicted, BTC dropped below $30k but hit reverse at $28,000. The price recovery was not as fast as many expected. Nonetheless, the largest crypto by market cap also improved in several areas too. One such area is the Moving Average. MA was one indicator that predicted the death cross. Now, The 50-days MA has intercepted the 200-days in an uptrend; indicating the golden cross.
Here Are Key Levels To Watch
Using the Fibonacci Retracement, we can create price channels. The current channel that BTC is trading in has coin trading between $42,500 and $51,000. This means that the strongest support in this channel is $42,500. If BTC fails to continue its uptrend and remain above $42k, it will fall back to the $42,500 and $37,000 channel.
A rally of the market will result in the coin surging above $51,000. This will help BTC exit its current channel and go higher into the next price boundaries. This may guarantee that BTC will get as high as $60,000. After this mark, we may be expecting a new all-time high.
