BITCOIN 1D Golden Cross vs 1W Death Cross. Which will prevail?

Two major technical events are about to be materialized for Bitcoin (BTCUSD). On the 1D time-frame a 1D Golden Cross, which is when the 1D MA50 (blue trend-line) crosses above the 1D MA200 (orange trend-line), is about to be formed, while on the 1W time-frame a 1W Death Cross, which is the opposite, is about to be formed. So what do those conflicting formation tell us? And which one will prevail?

We decided to view this through the dominant technical patterns available. As you see right now the one that stands out is an Inverse Head and Shoulders (IH&S), which is a pattern typically seen on market bottoms. This is one of the drivers that guide BTC at the moment. In similar fashion, it was a Head and Shoulders (H&S) pattern that formed the November 2021 market top and initiated the Bear Cycle.

The symmetry on that pattern is remarkable as the price dropped -52.50% from the H&S top to the bottom of the Right shoulder, and another -52.50% from that level to the bottom of the Bear Cycle. Similarly, depending on where the IH&S neckline is formed, we expect an proportional rise. If the neckline is formed on the best case scenario a little over the 1W MA50 (blue trend-line) at 27000, completing a +73.80% rise, then another +73.80% would put BTC's next bullish wave to around $47000. If on the other hand the price peaks now within the green neckline and just below the 1W MA200 (orange trend-line) completing a +56.50% rise, then another 56.50% would but the top of the next wave at around $38500 before the next pattern emerges.

It is not unlikely to the medium-term High here as based on the 1D RSI Bearish Divergence (being on Lower Highs against the price's Higher Highs) indicates that the rally is losing strength. The 1W RSI however marginally missed the 60.00 mark and indicates that there is still room for the rally to grow before it turned overbought at 80.00.

Which one do you think will prevail? Feel free to let us know in the comments section below!


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