Been a while since I shared a chart here but I think $BTC is particularly interesting at the moment.
We’ve seen a good rally and it’s really sparked some new interest in crypto and their prospects for the future.
In the next 3 days we will see confirmation of a Golden Cross on the daily chart. This is where the 50 day moving average crosses up through the 200 day moving average, and it is seen as a bullish signal by technical analysts.
The zone where the golden cross will occur will be roughly $8,850 and interestingly there is some support around $9,000 and the 38.5% fib of this last rally is at $9,065.
Bitcoin just doubled-topped to the high from last October so it’s not surprising to find that some resistance was met at $10,500 and while the price movement has been strong I don’t think anything negative should be taken if we now see a technical correction to somewhere in the $9k region.
Quite a few indicators also got extended and it would be good to some of that worked off before what will hopefully be another impulse move higher ahead of the halvening.
I’ve taken some profits lately and have spare cash, so if we do see a correction I will start adding some new short-term positions as price approaches the 50 day ma, and not just on BTC, as with their higher beta, it could be that others like $ADA and $XRP take a harder hit during such a move.
Thanks for your time.
$BTC $BCH $ETHEREUM
