BITCOIN forming the first 4H Golden Cross in 5 months!

Bitcoin (BTCUSD) is about to form a Golden Cross on the 4H time-frame, which will be the first such formation in almost 5 months (since September 18 2023)! Regardless of the time that has passed since its last occurrence (which is a strong parameter), that pattern alone is a strong enough bullish signal for the short-term.

This can be the signal that can trigger a strong rally back to January's High but within the technical context of the dominant medium-term pattern that is none other than an Inverse Head and Shoulders (IH&S). That is a technical bullish reversal pattern that is formed on market bottoms.

It could be no coincidence that the last 4H Golden Cross (chart on the right) was formed while BTC was completing an Inverse Head and Shoulders. The standard target of such patterns is the 2.0 Fibonacci extension level. As you see on October 20 2023 that was exactly where the price consolidated and it happened to be a Resistance level from a former High.

The 2.0 Fib on the current IH&S happens to be only marginally above the 49000 Resistance and that is our Target for the short-term.

Do you agree that the emergence of a 4H Golden Cross and the Inverse Head and Shoulders can take the price back to January's High? Feel free to let us know in the comments section below!


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Comment:

Once again the Inverse Head and Shoulders pattern worked to perfection at identifying the market bottom and providing the strongest buy signal possible. Technically this is an invitation to consider taking profits.