Bitcoin has had an amazing 2019, and has retraced almost 33% to $9,400 recently. Analysts are seeing a golden cross-pattern emerging that is a long term-bullish pattern, that is very exciting for both Bitcoin investors and traders. Let's peel back the curtain on Bitcoin's catalysts and technical movements.
Bitcoin has suffered after leveraged traders took the coin from $9,000 to $14,000 in Q2 2019, and is stuck in the $9,400-$9,600 price range, but a golden cross-pattern has emerged and traders may lift the coin once again. A golden cross-pattern is when the 50-DMA candle crosses over the 200-DMA candle, which has historically led to a bullish movement in Bitcoin. It's a classic technical tell that shows value is present in the asset and there is a loaded spring for traders soon.
The last golden cross-pattern happened in 2016, ahead of the market runup to $20,000 and 6-months before the halving of Bitcoin's block rewards. This golden cross preceded the amazing runup of Bitcoin in 2017 from July-December. Alot of these gains were due to media coverage and investor attention shortly after the halving.
Resistance is at $11,500. To break this level, we need some mainstreet and institutional investment. The catalysts may be news related to Libracoin, traders seeing and taking advantage of t he emergent golden cross or institutional entry into the futures market.
The biggest catalyst for Bitcoin's price is the May 2020 rewards halving from 12.5 BTC/block to 6.25 BTC/block. This is both an organic and historical catalyst for Bitcoin. All these factors make Bitcoin primed to provide returns to investors and traders alike. I am accumulating now.
Sources:
Originally published in my Weku account I own at:
https://main.weku.io/community-deals/@wstanley225/bitcoin-swoons-before-a-run-to-an-all-time-high-catalysts-and-golden-cross
Also published in my Publish0x, Minds, Hyperspace, Serey, Golos, Whaleshares and Bearshares accounts I own.
Picture from Pixabay.
https://www.coindesk.com/golden-cross-provides-glimmer-of-hope-for-bitcoin-price-revival
