Good news for bulls: the golden crossover is here! Should we wait for a correction or buy bitcoin (BTC) right away? Check out this analysis.
The bullish golden cross is here!
On the daily scale, we see the appearance of a bullish golden cross. This is a relevant signal that often indicates the beginning of a very strong uptrend. We could then consider further upside for bitcoin (BTC), in the medium term. The closest targets are the psychological levels of $25,000 and $30,000.
Nevertheless, one should not neglect the RSI, which is starting to break out of overbought territory. Indeed, this shows that the bulls are losing strength. This could lead bitcoin (BTC) into a corrective move. In this case, it could be that the price retraces to the $20,000 level. This is therefore the ideal level to place a buy order:
Entry point: $20,000
Stop loss: $19,000
Goal 1: $25,000
Goal 2: $30,000
Bitcoin (BTC): profiting from a potential short-term correction
On the short-term scale, we will rather bet on a bearish scenario. For what ? Because we saw earlier that the daily RSI is starting to break out of overbought territory. We could thus envisage a drop in bitcoin (BTC) over the next few days. In this case, the $23,840 level seems like an interesting entry point. This is the fib level 23.6% if we measure the range between the high and the low of the previous week. We will therefore bet on a scenario where the price rises to this level, before falling to $20,000.
So, here are the key levels to remember for this short position on bitcoin (BTC):
Entry point: $23,840
Stop loss: $24,600
Goal 1: $21,000
Goal 2: $20,000
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