Just noticed something interesting on the BTC/USDT daily chart.
The 50-day MA is about to cross above the 200-day MA, forming a golden cross pattern. Historically, this has been a strong bullish signal for Bitcoin.
Key levels to watch:
- Support: $58,000 - $60,000 range
- Resistance: $68,000 (previous ATH region)
- Volume: Increasing on green candles, which confirms the bullish momentum
The RSI is sitting at 62, which gives us plenty of room before hitting overbought territory.
What do you think? Are we gearing up for another bull run? 📈
BTC showing a textbook golden cross on the daily chart
The golden cross is definitely bullish, but I'd wait for a daily close above $65K before getting too excited. We've seen fakeouts before.
My targets:
- Short-term: $68K
- Mid-term: $78K
- Long-term: $100K+ by EOY
Great analysis! I've also been watching the MACD divergence on the 4H chart. It looks like we might see a push to $72K if the golden cross confirms.
One thing to keep in mind - the funding rates on perps are getting elevated, so we might see a shakeout before the real move.
One thing to keep in mind - the funding rates on perps are getting elevated, so we might see a shakeout before the real move.
I'm more cautious here. Volume has actually been declining on the 4H timeframe, and we're approaching a major resistance zone. I'd set a stop-loss at $59.5K if you're going long.