LIVE
😱🔥Bitcoin Forms a Golden Cross! Is the Bull Run Coming?
#Bitcoin , the constantly changing giant of the cryptocurrency world, has once again attracted attention with its recent bullish signal: the hard-to-find "Golden Cross" on its daily chart. This development, which reminds us of earlier price increases this year, has ignited speculation about potential bullish momentum in the crypto Sunday.
But beneath the surface of excitement lies a landscape full of technical obstacles that Bitcoin must overcome to strengthen its short-term upward trend.
The Golden Cross Appears
Crypto trader Titan of Crypto highlighted Bitcoin's recent "Golden Cross" on the daily chart and drew parallels with earlier price movements in 2024. A Gold Cross occurs when a shorter-term moving average, such as the 50-day moving average, rises above a level. a longer-term moving average, such as the 200-day moving average. This signal is usually interpreted as a bullish indicator for the cryptocurrency.
However, the technique shows that Bitcoin is showing a strong positivity, indicating that Bitcoin should overcome certain levels that are currently posing obstacles for the short term. These levels include the price, Decan (short-term moving average), Kijun (long-term moving average) and the upper line of the Kumo cloud (an important area on the chart that indicates potential support or resistance).
Charting the Course Ahead
Despite the bullish signal, the Bitcoin price is encountering resistance due to technical factors, especially the position of the delay December relative to critical levels. Therefore, the Bitcoin price may continue to trade in the December range of $60,900 to $ 61,400 for some time, but beyond that, another downward trend seems imminent.
The cryptocurrency is preparing to overcome these obstacles, which could pave the way for further price appreciation.
