Bitcoin 4-hour charts are likely to cause technological changes, but this doesn’t happen very often. The short-term 23rd period moving average, shown in green, has steadily climbed towards the red 200 surrounding line for several days. Now the gap between them is very narrow, almost guaranteed to meet within the candle of the next couple.
If you’re obsessed with the charts, that encounter point – so-called golden crosses – is often seen as an indication that the market is biased towards going “north”.
What sets up this time is the background. Just yesterday, BTC rose from around $116,600 to almost $118,600 in one go, and escaped from the ceiling where the market had remained for most of the week.
On a four-hour chart, such crossovers are usually not a sure indication of what is coming, but they can be a sign that the purchase pressure is outweighing sales.
What’s next for BTC prices?
If Bitcoin can go beyond the $117,500-$118,000 range throughout the weekend, it could likely lead to testing at the $119,000 and $120,000 levels, perhaps by Monday. These are the final hurdles before hitting the highest ever high.
Additionally, technical cushions are formed where encounters are averaged close to $116,400. If the market is falling, the area could be a good place to go even higher, especially as it is less liquid, especially on weekends.
The next 48 hours are not just speculating if a golden cross will happen, but rather see if the market has the power to turn it into the first step when a new week begins.
