The post Here are Crucial Targets to Watch appeared on BitcoinEthereumNews.com.

The Bitcoin Fibonacci Pivot Points spotlight important targets to watch as BTC looks to record a golden cross for the first time this year.  This crucial crossover, which occurs when the 50-day moving average (MA) crosses above the 200-day MA, is often regarded as a bullish signal. The last time this crossover occurred was last October, leading to the upsurge in the early bull run phase. Notably, the imminent one would mark the first cross of 2024. Tom Crown, market analyst and founder of Crown Analysis, called attention to the latest development in an X post. An accompanying chart displays Bitcoin’s daily price action alongside its 50-day (yellow line) and 200-day (green line) moving averages.  Looming Bitcoin Golden Cross | Tom Crown Over the past month, Bitcoin has shown resilience, gradually climbing back from the Aug. 5 low around $49,050. The price has consistently stayed below the 50-day and 200-day MAs for the most of August. However, it breached both moving averages following a 6.13% spike over the weekend. With Bitcoin currently trading for $63,848 at the reporting time, its price remains above the 50-day moving average at $61,927 and the 200-day moving average at $63,418. In addition, after a significant drop, the 50-day MA appears to be spiking at a faster rate than the 200-day MA, prompting Crown’s optimism of an imminent crossover. Conditions for the Golden Cross This setup is forming the foundation for a golden cross. As Bitcoin trades just above both moving averages, a successful cross of the 50-day MA above the 200-day MA could indicate a strong bullish trend.  However, for this to materialize, Bitcoin’s near-term momentum needs to accelerate, pushing the 50-day MA upward with more conviction. Nonetheless, a failure to sustain this upward momentum could lead to a rejection and a bearish reversal.…

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Filed under: News - @ August 26, 2024 8:26 am