One Week Silver Cross (BTC)

30 Jun 2023

Currently, a one-week silver cross, characterized by the 55-day Exponential Moving Average (EMA) crossing above the 21-day EMA, is forming on the Bitcoin chart. This occurrence suggests a continuation of short-medium term momentum. Furthermore, this silver cross aligns with the 61.8% Fibonacci retracement level, a significant level from the previous bull market. If this alignment holds true, it implies that Bitcoin may reach a temporary peak in its current cycle once it reaches ~$45,000. Moving average crosses are widely regarded as reliable indicators of trend reversals and shifts in market sentiment, making this setup a compelling mid-term long opportunity. However, it is crucial to note that for this setup to remain valid, Bitcoin's price needs to stay above a critical level, approximately around $20,000. As long as Bitcoin maintains this support level, the mid-term long setup retains its validity, providing an opportunity for traders and investors to capitalize on the potential upside momentum. It is important to monitor the price as once this target is reached, some sideways and down price action may be in the books until the next halving event, which remains a concern for the future.

Target: ~$45,000