Something important to emphasize, and before the date by which the SEC will give its first verdict of the year regarding ETFs, is the fact that Bitcoin is having a weekly Golden Cross.
What is Gold Cross?
It is the trade pattern that happens when the 50-period simple moving average crosses above the 200-period simple moving average. This rare phenomenon is known as the Golden Cross.
Why is this phenomenon important?
It basically marks a strong entry point for medium-term detectors, who always wait for the best point to open their long positions. And it is an alarm for short-term detectors that plays on the bearish side.
Following the latest movements of Bitcoin, a Golden Cross would be the exact point to determine that the market will enter a completely bullish period in the medium term. But sentiment indicators show that so far many traders will wait for the big institutions to come in on the sell side.
The truth is that investment funds for the spot market are only affecting the inflection point between buyers and sellers and creating an environment of uncertainty to calculate exactly which side of the coin we should be on.
Liquidity Regions
Analyzing the liquidity regions for the 7-day period, we find that Bitcoin has a large block of liquidations of long positions between $45975.36 and $47157.65.
For the opposite case, that is, the liquidation of short positions, the region between $41k and $40k generated high liquidity above $800M.
Each one should take this information as they see fit in order to achieve an excellent position in the coming days and long before January 10th.
Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.
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