May 10, 2020 13:15 UTC
May 10, 2020 at 13:15 UTC
Bitcoin Confirms Golden Cross Pattern
Bitcoin witnessed an overnight decline that has caused it to further extend the consolidation that has been spotted in the time following its sharp rise to $10,000. The latest act seemed to suggest that there is an immensely high resistance in the lower $10,000 region. Moreover, the situation accounts that with the inability to get the solid foothold in the region seem to be overtly bearish, the crypto was able to form an elusive “golden cross”.
After giving an attempt to gain a footing in the coveted five-figure price region, Bitcoin challenged with a declination that led it even lower as compared to earlier. Notably the decline has been scaled up and tempered with major signs pointing to the sustainability of the recent uptrend.
Although it reflects that the cryptocurrency could be prone to seeing further near-term downside, and is able to confirm an elusive “golden cross” formation.
The convergence of the pattern’s confirmation and large purchasing orders seem to increase overnight with the ongoing decline for the short-term.
However this accounts for a major declination from daily highs of over $10,000 that were settled overnight when the cryptocurrency tried to break back into the five-figure region.
Though BTC is yet to face any challenge of declination at the price point. The ability to climb into the region surviving for a particular period of time does point to some underlying weakness that could prevent it from declining lower in the near-term.
One popular analyst believes that Bitcoin is majorly a good thing to experience of range bound trading over the weekend. He stated that previous signs of weakness seemed irrelevant by a few large buy orders he noticed across multiple exchanges.
BTC states that the range bound is expected to head over this weekend. This was indeed a pullback which was most wanted. The extended consolidation breakdown is a thing to worry about, but confidence can make the way to witness big buys.