As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I find myself cautiously optimistic about the latest developments in Bitcoin’s price movement. The “Golden Cross” pattern emerging on Coinbase Premium, as suggested by the analyst @Yonsei_dent and confirmed by CryptoQuant.com, is certainly a positive sign. However, I have learned the hard way that past performance is no guarantee of future results in this market.
On Coinbase, the gap between the price of Bitcoin (BTC) when paired with USD and when paired with USDT on Binance, shows a “golden cross” pattern. This pattern is encouraging for Bitcoin investors as U.S. retail buyers have the potential to shield BTC from any further significant drops.
U.S. Bitcoiners pushing price higher, indicator says
The significant interest of American investors in the leading cryptocurrency, as shown by Coinbase Premium, is shaping a “Golden Cross” on its one-hour chart. Historically, this trend tends to switch to “positive” prior to Bitcoin (BTC) experiencing short-term price increases.
These projections were recently posted by an anonymous cryptocurrency expert known as @Yonsei_dent, who is a recognized member of the CryptoQuant community. Today, the analytical firm highlighted this prediction in their QuickTake segment.
The analyst monitored both the daily and weekly moving averages, specifically the 24-hour and 168-hour ones. The “golden cross” pattern is established when the shorter-term average (daily) surpasses the longer-term average (weekly) from below.
Currently, the index is momentarily surging beyond its weekly moving average. Moreover, the difference between the daily and weekly averages is gradually diminishing, a trend that appears promising to the researcher.
By examining Bitcoin’s historical price trends along with this specific indicator, it becomes clear that the price frequently surges temporarily whenever a ‘golden cross’ pattern emerges.
In summary, the sustained growth in interest from American investors indicates a potential increase in price, leaving analysts optimistic regarding Bitcoin’s near-term prospects.
Crypto sentiment remains in “Fear” zone
According to CoinGlass data, the Relative Strength Index (RSI) of Bitcoin fluctuates between 42 and 54 across various timeframes. This range indicates that there could still be some selling from the bears yet to come.
Currently, the Cryptocurrency Fear and Greed Index has moved into the “Fear” zone, standing at 41 out of 100, with an increase of four points in the past day. This suggests that the major cryptocurrencies might be facing a crucial juncture at present.
Today, Bitcoin (BTC) bulls managed to protect the crucial $60,000 level; bears yet again were brutally rejected.
The orange coin is changing hands at $61,326.63, up 0.8% overnight.
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2024-10-04 16:38