Cryptocurrencies Strategy Trends

BITCOIN: Golden Cross, free way up?

Yes! BITCOIN 50 Day Moving Average has crossed the 200 Day Moving Average just hours ago, and with such a expected milestone accomplished the whole crypto market is again in green numbers, willing to overpass the current Higher High of the year of about 185 Billion USD.

A Golden Cross is just the signal that give us confidence regarding the better conditions of the market but, as usual, we have to be cautious still because the ACCUMULATION phase is still on going.

If Market behaves similarly to 2015 Accumulation phase, we may have another fall soon before confirming the REVERSAL.

In particular, on 2015 we had a first Golden Cross on July 14th and a subsequent fall in order to test the lowest point, after that we had a very reactive raise, and a second Golden Cross which occurred three months later:

The fact is that the current Market has some similarities with the 2015 market but we cannot say that both are equal.

Currently we have an exceptional Overbought RSI which alert us to think that a drop may come:

However, I have to be consequent with my plan and as far my Elliot Wave count is valid I bet for 6200 USD in order to complete the 3rd wave of this trip, which is now resuming:

If BTC manages to overpass the current price, I don’t see any resistance till 6200 USD from which the whole market fell dramatically last year so, seems like a free way up till there, thus in my opinion BULLS look closer than ever.

Enjoy!

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

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