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Bulls optimism on Bitcoin price spikes as Golden Cross pattern emerges; Could test $8,400 resistance levels

The bulls are optimistic that Bitcoin will see its value surge high above resistance levels after the Golden Cross has yet again reared its head.

Photo via Pixabay

Wed, 23 Oct 2019, 07:48 am UTC

Bitcoin has been trading sideways for the past several days, failing to break through resistance levels above $8,300 while also defending at the $7,800 level. However, signs of a bullish run have been cited by analysts as a golden cross pattern has emerged just hours prior.

The golden cross has been one of the most monitored patterns in Bitcoin analytics as it has time and again showed consistency when observing price fluctuations. With Bitcoin’s 50-hour moving average crossing against its 200-hour moving average, this has produced the golden cross, signaling that a bullish trend might be imminent.

CoinDesk reports that Bitcoin might once again test resistance levels. As mentioned earlier, the bulls have found difficulty in breaking through the $8,300 levels in recent weeks after Bitcoin dropped from its $10,000 value last month.

Bitcoin could tempt to poke above $8,800

If it manages to push above $8,300, then Bitcoin could test above $8,800. As of this writing, Bitcoin is trading at $8,031, down from yesterday’s value of $8,200. With the golden cross rearing its head again, a trend reversal might be imminent as the bulls try to rally past the $8,300 levels.

The last time that the golden cross occurred was on Oct. 9 where Bitcoin rose from its $8,150 price to $8,820. The same could happen again, especially since the relative strength index (RSI) is now below 30.

Prominent crypto analyst HornHairs is certainly optimistic and is currently monitoring how this will play out in the coming hours, NEWS BTC reported. Again, crypto observers are watching for a breakout above $8,300 levels, so that’s the first sign that the bulls have made their move.

Bitcoin pessimism still clings

Meanwhile, the bears are also trying to impose their will amidst the bulls’ optimism. Predictions that Bitcoin will fall below $1,000 has surfaced once again, although it’s best to take this one with a grain of salt. Wild speculations usually fall flat as has been observed when pessimists said that Bitcoin will fall below three digits during the crypto winter.

Support levels have been tested last year and proved that the $3,000 and $6,000 range have been able to weather the price drop. A $1,000 prediction at the moment carries as much as weight as the bulls saying Bitcoin will reach $100,000 in 2020.

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