🔥🔥🔥 GREAT PROMISING NEWS FOR ALL OF US 🥳
Bitcoin was gearing up after testing the support of a broadening falling wedge pattern. Today , we have some exciting developments to look at , including potential golden cross formations and the implications for Bitcoin's future price movements.
After Bitcoin tested the support of the broadening falling wedge pattern, the price bounced back, breaking through both the 50-day and 200-day SMAs.
The Golden Cross: A Powerful Buying Signal
Now that Bitcoin has broken these key moving averages, there’s a growing probability that a golden cross where the 50-day SMA crosses above the 200 day SMA might form soon. This would be a very powerful buying signal, potentially setting the stage for another major rally.
Long Term Up Channel: A Critical Structure
On the 7-day time frame, Bitcoin is currently trading within a long-term up channel. After briefly breaking down the channel's support, the price has recovered and is now moving above this key level. Additionally, Bitcoin has broken through the 21-period Exponential Moving Average (EMA), which had been acting as a resistance. This breakout could further support the bullish outlook.
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Key Resistance Levels: The Path to $100,000⁉️
Looking at the live charts, since March 4, 2024, Bitcoin has been moving inside the broadening falling wedge pattern, consistently forming lower highs and lower lows. The critical resistance levels to watch are around $69,000, which was the peak during the November 2021 bull run, and the $73,000-$74,000 range, which marks the highest price in the current cycle.
If Bitcoin can break through these resistance zones, the next target could be the channel's upper boundary, potentially pushing the price up to $100,000.
Historical Patterns: Learning from the Past
During previous bull runs, similar death cross formations turned out to be excellent buying opportunities. For example, in September 2023, after a brief period of sideways movement following a death cross, Bitcoin experienced a massive rally when the 50-day SMA eventually crossed above the 200-day SMA, forming a golden cross.
We might be seeing a similar scenario now. If history repeats itself, Bitcoin could be on the verge of another significant upward move.
In summary, Bitcoin is at a critical juncture, with the potential for a golden cross on the daily chart and strong support forming on the 7-day time frame. Breaking the key resistance levels around $69,000 and $73,794 could pave the way for Bitcoin to reach new heights, possibly up to $100,000.
