Bitcoin Confirms ‘Golden Crossover’ Despite China’s Veto

Defining times are coming for bitcoin as it strikes me that amid the upheaval that the cryptocurrency sector has suffered, after China once again publicly proclaimed that it was going to persecute bitcoin and other digital currencies, an announcement Which by the way has been going on since 2013, the bitcoin price curve has managed to confirm a golden crossover, which cancels the bearish implications of the much-feared death crossover that took place at the end of last July.

A golden cross is one of the most anticipated events around this cryptocurrency since it is a potentially bullish signal that must be watched every time it could be warning us of an imminent rise in the price of bitcoin, which could look for the maximums that it could in the near future. established in the fateful session on September 7, when it went from rising 6% to falling 21% from the high of $ 53,125.

A return to those September highs is something that would gain many integers if the buying pressure manages to break the obstacle represented by the downward guideline that has been guiding the falls in recent weeks, which you can see in the attached chart that runs through the zone of the $ 43,555.

The breakdown of this guideline and the first relative resistances of $ 45,115 would open the door to this new rally in bitcoin towards a first target and resistance at the indicated $ 53,125, above which it would be necessary to think about increases towards the historical highs of April spent at $ 65,520.

As long as it does not exceed that bearish guideline and first resistance immediately above, I am not in favor of throwing the bells to the flight since this type of crosses when they come so often can warn us of a market that is more lateral than trend.

In that case, even greater falls that could lead bitcoin to test key supports such as $ 37,300 / $ 38,000 cannot be ruled out, which is the correction of 61.80% (Fibonacci level) and 66% (Theory of Dow) of the entire last bullish move that took the price from $ 28,800 to $ 53,125. Losing that range a lot, we fear that not even the gap that opened up from $ 32,500 would work as support and we could see a fall to $ 28,700.