All eyes have been on Bitcoin recently, with it threatening to confirm a golden cross formation. As previously mentioned, this has been a big event for Bitcoin historically, as it’s only confirmed this cross a couple times since 2015. Below we take a look at price action and assess the overall setup. 

Bitcoin Price Setup 

As we mentioned in a previous Bitcoin price analysis, all eyes were on the 50 day and 200 day moving averages. We outlined that this was a crucial event for Bitcoin price, since it’s something that happens rarely. Going back all the way to 2015, one can quickly see that this event has only happened 2 other times. In both scenarios, Bitcoin price has experienced strong upward momentum as sentiment shifted up. During both events, price action resulted in:

  • April 2019: 184% gain ( from $4,500 to a high near $12,800) 

  • October 2015: 7,000% + gain ( from $258 all the way up to Bitcoin highs ) 

Bitcoin Price Projection

With the golden cross being confirmed on the daily, it’s setting Bitcoin up to accept the key resistance level at $10,000. It most recently rejected this level, which caused the sell-off not too long ago, but it’s a great sign that Bitcoin price is retesting. The signs point towards strong positive momentum right now.

BTC price should now be eyeing the $11,000 test on the upside. Right now it makes most sense to assess price action on a shorter term basis to assess overall outlook. With that being said, $11,000 seems to be the target on the upside. IF that were to be accomplished, you could then see a $12,400 test which would make everything extremely interesting. On the flip side, if BTC price decides to sell-off for some unknown reason, it would be eyeing that $9,400 test that we referenced as well on previous technical analysis.

Image Source: Pixabay

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like
Meta Legends: The Latest Future-Inspired NFT Collection

Meta Legends: The Latest Future-Inspired NFT Collection

Non-fungible tokens (NFTs) represent the most recent development in blockchain-based assets, going…

Direct Challengers To Facebooks Libra Crypto Project Continue To Line Up

Photo Credit To Hemant Naidu Via Flickr On Monday, August 19, Binance…

Facebook’s Libra Co-Creator Breaks Silence on “Libra Vs Monetary Sovereignty of Nations”

David Marcus, the co-creator of Libra and the CEO of its wallet…

Nasdaq’s New Partnership With R3 That Will Facilitate Tokenization Through Blockchain

R3 recently announced that it would be working with Nasdaq to facilitate the issuance…

SEC Charges Fraudulent $600,000 ICO, Continues Hunting For Crypto Scams

The US SEC recently announced that it had charges Sergii Grybniak and his company…

Crypto Firms In Ireland Locked From The Banking System Due To Government Delays

Companies operating in Ireland’s crypto space have been denied access to banking…

Telegram’s New Cryptocurrency (Gram): Pre-sale

It is no news that one of the top instant messaging platforms…

OKEx Korea Might Delist These Privacy Cryptocurrencies Citing Regulatory Concern

Looks like privacy-focused cryptocurrencies are in trouble. A Korean wing of OKEx…

Apollo Fintech Completes The First Blockchain National Currency Platform

On August 12, 2020, Apollo Fintech announced that it has completed the development of…

Companies Creating Great Cryptocurrency Tax Solutions To Aid IRS Reporting For Investors & Traders

A couple years ago, nobody was really talking about cryptocurrency taxes. As…