BITCOIN Formed the first 1W Golden Cross in history!

Bitcoin (BTCUSD) completed with last week's candle a Golden Cross on the 1W time-frame, its first ever in history! That alone is a monumental development, as the Golden Cross pattern is a powerful technical formation, especially on stable long-term time-frames such as the 1W.

Apart from the technicalities, this pattern becomes even more important considering the fact that it was formed only three days before the all important decision of the U.S. Securities and Exchange Commission regarding the approval of a Bitcoin ETF.

On the current analysis we decide it would be productive to maintain a long-term perspective on BTC and interpret the Golden Cross and the potential ETF approval on a macro Cyclical scale. As you can see, we are on that certain level during each Cycle when the Parabolic Rally is about to take off. Principally, there is nothing that can hold BTC back, especially after Halving 4 this April and every pull-back on the dotted trend-line is technically a long-term buy entry.

But what do you think? Is this first ever 1W Golden Cross along with a potential ETF approval really what Bitcoin needs to take off and approach the All Time High? Feel free to let us know in the comments section below!

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