Bitcoin Golden Cross, Tested Resistance 3x Bullish Consolidation Pattern

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According to technical analysis, bitcoin may be due for a major breakout as it goes into a Golden Cross. It has tested a downtrend in resistance three times over the last several days, with an uptrending support level, and the period of time between each test of resistance has gotten shorter.

Bitcoin testing decreasing resistance near $10,000

As you analyze the market, think about the mind of the trader. Crypto Jebb breaks it down. According to him, the thing that drives bull markets is mass psychology, not technical analysis. Watch the below video to get his advice on how to trade the upcoming breakout, whether it breaks bullish, bearish, or sideways.

If bitcoin breaks through $10,000 then we could see a major bullish move. Not only has bitcoin been in an uptrend for the last two months, but Google searches for bitcoin have been increasing too. This shows an increase in psychological interest, which correlates with the technical indicators.

Search volume for bitcoin on Google Trends

Keep in mind, this is not financial advice, and it’s possible that bitcoin may instead break bearish. The point is to watch the market and make your own decisions as you read the charts and follow the analysts. Also pay attention to the economy, COVID, and government stimulus packages. Investors may see bitcoin as a hedge against inflation, which may also drive a bull market.

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