Trading in Asia has driven Bitcoin prices higher again today
as the asset builds its eighth consecutive daily green candle. In a similar
move to yesterdays, BTC broke above the $12,000 level a few hours ago to tap a
new four week high.
Bitcoin’s Four Hour Golden Cross
In its rally up to the current high for the year of $13,800,
Bitcoin notched up eight daily green candles and that pattern is about to be
repeated. According to Tradingview, the king of crypto touched an intraday and
four week high of $12,300 a few hours ago as buyers in the Asian session drove prices
The move has added another 5% to BTC prices from yesterday’s
level of around $11,700. On the week Bitcoin has made almost 30% from the
$9,500 level it was trading at this time last Tuesday. The 34% correction has
all but been forgotten as BTC powers back towards its recent peaks.
Looking at the four hour chart reveals the formation of a golden cross
between the shorter term 50 and longer term 200 moving averages. This technical
formation is a bullish breakout which could signal another big rally.
The cross could complete within the next 24 hours if Bitcoin
maintains momentum or holds on to recent gains. Traders and analysts have been
scouring the charts for the next levels of resistance which appear to be just
below the $13,000 price level. There is no resistance between this level and
$13,800 top which if broken will lead to a new high for 2019.
Crypto trader ‘Credible Crypto’ has turned bullish like many
others over the past couple of days.
“Well its hard to say this last push up is anything but bullish. Volume increased on it instead of decreasing, downward TL broken, 1.618 extension hit, invalidating the “regular flat” X correction I was leaning towards. I now lean bullish.”
Interestingly the trader added that ETH looks like a better
upcoming long position if Bitcoin maintains its momentum. Ethereum has been
lack luster recently, only gaining 12% on the week compared to BTC’s 30%.
Analyst Luke Martin added
that the trend could continue towards $12,900 where the next resistance zone
“That’s about as good as a $BTC chart can look 1hr after deciding to flip directions, close the hedge and join the trend towards 12.9k. Moving slow now that it got the higher timeframe confirmation.”
At the time of writing Bitcoin was trading close to its
monthly high at $12,280, and further upside momentum is looking very likely.