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John Aaby

Bitcoin

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Hi John, thanks for the question. 

Bitcoin has moved lower for the second day in a row after buyers failed in an attempt to clear the $10,000 resistance. This is despite the occurrence of the golden crossover, that took place over the course of the week, which is generally considered to be a bullish development for the asset in question. 

This indicator is created when the 50-DMA moves above the 200-DMA. 

Historically, this golden crossover had been supportive of the Bitcoin price. For this reason, many traders were expecting a strong move higher on the golden crossover. Instead, the price action dipped lower to come back and retest the broken resistance. 

If this support can facilitate a substantial demand for Bitcoin, we may see another attempt to break $10,000 in the coming days. If broken, the price action is likely to push lower and test the confluence of two moving averages near $8,200.


 

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