Bitcoin (BTC) still on track to form a golden cross pattern despite a recent fall

The crypto markets have been able to halt their descent and have found relatively high support levels slightly below their current price levels. Bitcoin (BTC) – which recently fell in the region from $ 4,900 after quickly rising to $ 5,400 – has set its recent low levels as a support region and has since been able to increase slightly.

Despite this recent decline, Bitcoin is still on track to form the coveted Golden Cross technical training, which has preceded huge rises in recent years, including that seen after the 2015 bear market.

Bitcoin (BTC) increases to $ 5,100

At the time of writing, Bitcoin is trading higher at its current price of $ 5,100, up slightly from its daily low of $ 5,050.

In recent weeks, Bitcoin has experienced tremendous buying pressure that has propelled it up from less than $ 4,000 a month to $ 5,400. Despite the slowdown seen earlier this week, BTC's ability to stay above $ 4,900 is a bullish sign.

CryptoHornHairs, a popular cryptocurrency analyst on Twitter, told its subscribers in a recent tweet that the $ 4,900 level was a critical area of ​​support according to a Wyckoff analysis.

"Bitcoin – Wyckoff study – The daily sum is less than $ 4.9k and the ice is breaking," he said, explaining that a drop below $ 4,900 would open the door to even greater losses important.

BTC is still close to forming a golden cross pattern

The Gold Cross pattern is a very bullish technical formation that occurs when the 50-day moving average of an asset and the 200-day moving average intersect, which has already preceded significant bullish movements, including the dramatic rise the price suffered by BTC following the end of the 2015 bear market.

Moon Overlord, a popular cryptocurrency analyst on Twitter, has mentioned the possibility that BTC is forming this venerated model in a recent tweet, noting that cryptocurrency could still be close to this pattern despite the recent decline in price that halted the upward momentum of Bitcoin.

"Gold Cross on the formation of #bitcoin? This would be the first time since October 2015 that $ BTC was around $ 200, "he explained in a recent tweet.

Assuming that the Bitcoin hikes are able to keep the price of cryptocurrency above € 4900 in the short term, a golden cross pattern may soon be formed – which could confirm the beginning of a new uptrend. and sustainable.

Selected image of Shutterstock.

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