Bitcoin Approaches Golden Cross as Price Holds Above Key Support, Eyeing Potential Move Toward $120K
Main Idea
Bitcoin is approaching a golden cross, indicating potential bullish momentum, with key support at $116,400 and resistance levels at $119,000 and $120,000.
Key Points
1. Bitcoin's price surged from $116,600 to $118,600, breaking a week-long resistance zone.
2. A golden cross is forming as the 23-period moving average approaches the 200-period moving average, signaling potential bullish momentum.
3. Holding above $117,500 is crucial for upward movement towards $119,000 and $120,000.
4. Support near $116,400 could provide a base for further price increases.
5. Traders should monitor key support and resistance levels to capitalize on the bullish trend.
Description
Bitcoin is on the verge of a golden cross on its 4-hour chart, indicating bullish momentum and targeting price levels between $119,000 and $120,000. Bitcoin’s 23-period and 200-period moving averages
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