CandleFocus Bitcoin on Verge of Potential Golden Cross, Likely Scenarios?
2024-10-24
Author: Content Editor
Bitcoin may be forming a key technical pattern with its daily moving averages about to cross. The outcome could be either a death cross or a golden cross, with the latter indicating a bullish signal. At the time of writing, Bitcoin's 50-day simple moving average is turning upward and may cross over the 200-day SMA. This crossover will determine whether it is a golden or death cross. If a golden cross is confirmed, Bitcoin's price could surge beyond key resistance levels and potentially reach $75,000 and beyond. However, the moving average crossover is a lagging signal and may result in a false breakout or a temporary pullback before a rally begins.
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