CandleFocus As Bitcoin's Post-Fed Price Dip Extends, This Key Contrary Indicator Offers Fresh Hope: Godbole
2024-12-20
Author: Content Editor
Following the Federal Reserve's decision to cut the benchmark borrowing cost and Bitcoin's subsequent drop to $96,000, a crucial indicator has been activated that historically indicates the end of price pullbacks. The drop has caused the 50-hour simple moving average (SMA) to fall below the 200-hour SMA, confirming a bearish crossover and potentially signaling a deeper pullback. However, previous pullbacks during Bitcoin's recent rally have also ended with a bearish crossover, providing hope for a renewed move above $100,000. Bulls are looking for a bounce, with a potential resistance level at $10,600, while a move below $96,000 could lead to further drops.
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