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« on: April 19, 2019, 03:26:31 PM »
Bitcoin (BTC) is at a very interesting point. On one hand, we have the possibility of a golden cross that could make the price fly straight towards $5,800-$6,000. This golden cross has a high probability of coming to fruition now that the price is trading above the 200 day moving average. The 50 day and 200 day moving averages are very close and soon as the cross over happens; we could see the price shoot towards the major resistance zone around $5,800-$6,000.
A lot of bears are waiting for the price to test that zone so they can short sell whereas a lot of bulls are waiting for the price to hit $5,800-$6,000 so they can sell.
In my opinion, if the price does end up testing this zone, it will quickly result in a sharp pullback and the weekly candle would leave a long wick to the upside as it retraces. If the price does not have the strength to rally strongly towards this major resistance zone, we could see it crawl up towards it in the weeks and months ahead.