#BTC
️ Bitcoin golden cross is going to happen in 2 days. Technically speaking, this is a strong bullish signal. But don't get overexcited!
If you think the Market will not shake out weak hands one more time, take a look at what happened during the last bear market when the golden cross was about to take place: BTC pulled back by around 37%.
Does it mean that the history will repeat the same way? It's possible, but unlikely, because it's too obvious.
We admit that bulls are very present. Ascending triangle on 1D time frame, and it's more clear on the 4h. We’ve hung around the 5350 zone for way too long similarly to the way we had hung around 4k before we saw that $1k jump.
Daily RSI has been moving in the ascending channel. It looks like we bounced off the support one more time, which adds credence to the breakout of the ascending triangle to the upside. But sooner or later the RSI will break down the channel.
ߋ cryptobullet
️ Bitcoin golden cross is going to happen in 2 days. Technically speaking, this is a strong bullish signal. But don't get overexcited!
If you think the Market will not shake out weak hands one more time, take a look at what happened during the last bear market when the golden cross was about to take place: BTC pulled back by around 37%.
Does it mean that the history will repeat the same way? It's possible, but unlikely, because it's too obvious.
We admit that bulls are very present. Ascending triangle on 1D time frame, and it's more clear on the 4h. We’ve hung around the 5350 zone for way too long similarly to the way we had hung around 4k before we saw that $1k jump.
Daily RSI has been moving in the ascending channel. It looks like we bounced off the support one more time, which adds credence to the breakout of the ascending triangle to the upside. But sooner or later the RSI will break down the channel.
ߋ cryptobullet