Bitcoin has been on an epic rollercoaster ride the past week, pushing its way closer and closer to the $13,000 level. However, if Bitcoin carries on through its current trend, we could be set for a major pullback as we head into the weekend. A golden bearish cross is beginning to form, and if Bitcoin reaches the $12,033 by Saturday then we could be in for another major drop all the way down to the $10,000 region.
A Cross in the 60-Day Making
Unless you’re looking at the bigger picture, then you won’t have seen this cross appearing. Taking the top point on June 26 and the bottom point on July 28 creates a rather ominous looking golden bearish cross that could very well end this price movement. There is a significant level of resistance between $11,000 and $11,500 that could prove to be useful in preventing this bullish movement from pushing the price too low, but we’ve seen this support fail time and time again. If this support doesn’t hold, we could see Bitcoin slide down into the $10,000 region.
The Problem With $10,000 Bitcoin
While Bitcoin at $10,000 sounds rather nice from a buyer’s point of view, it’s far from idea. At $10,000, everyone talks about wanting to buy Bitcoin, but it’s still a little too pricey for your average trader to dive in. That being said, knock $1,000 off the price and bring it down to $9,000 and you’ve got yourself a sale, so Bitcoin falling below $10,000 could be the perfect conditions for major accumulation and a bullish upwards movement.
Mini Correction Inbound
We’ve already seen a number of mini corrections this week, most notably dropping $1,125 in the space of 12 hours on Monday. Bitcoin has an emerging trend that a topping candle is followed by a small correction, and if this stays true to form it could coincide with the golden bullish cross on Saturday. Bitcoin is well overdue this mini correction, so hang tight and pick up more cheap Bitcoin.
Bitcoin’s price movement is far from over for the year, so buy up as much cheap Bitcoin as you can. With the halving just around the corner, we’re expecting Bitcoin to have a bumper end to 2019 and a stellar start as we enter 2020. A $10,000 Bitcoin might be a bit of a risky move right now, so if we do see $10,000, consider holding off on your buy orders as we will likely see mid $9,000 before the next upwards movement.
