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The king cryptocurrency is moving away from the $44,000 level and fell below $43,000 in the last 24 hours. However, expectations are growing that deeper lows will be tested due to the lower buying intensity in the exchange order books. Nevertheless, there may also be organized steps to manipulate the market. Now let’s take a look at the latest situation.
Crypto Bull is Starting
There is an important setup that could trigger a significant rise in the markets at the beginning of 2024. This signal, which was highlighted by Alistair Milne, is pointing to the first weekly golden cross of Bitcoin ever seen in history. As you may recall, we have shared these signals, which are referred to as the “golden intersection or golden cross,” many times in the past. The golden cross, which is the leading signal of major rallies, is seen for the first time on the weekly chart.
Although a 165% annual gain pleases most investors, the rapid recovery following overselling will cause the crossing of the two-week moving average (MA), which has never before signaled a bull, to happen.
The 50-week and 200-week MAs are important trend lines for both Bitcoin investors and analysts. According to Milne, this event could be a turning point in crypto.
“For the first time in Bitcoin history, we have seen a tough bear market spending so much time below the 200-week moving average. The 50-week moving average is now about to cross above the 200-week MA to form a weekly golden cross for the first time. This is a bull signal.”
Bitcoin Price Could Drop
Following rapid ascents, the inflated RSI is generally prone to corrections, despite exceptions. Now, investors are taking into account the risk of a possible pullback along with the weakness in the BTC price. However, due to the weak pullbacks that have been overcoming tough resistances for a while, this bear trap may also turn into a bull trap.
User BLITZZ warned about the current outlook;
“Sell orders are lined up at the levels of 44,500, 45,000, 46,000, 47,000.
There were very intense purchases between 41,500, 42,000, all of which have been removed. There is only one purchase order left at 41,000.”
The clustering of purchase orders at lower levels reflects the expectation of a price drop.
