Bitcoin (BTC) has slowed down after rallying hard the past few days. Most retail bears have already opened short positions while others are still looking for more favorable entry points. The price is clearly overbought and the resistance zone at $5,800-$6,000 is clearly not one to be breached that easy. However, that has not stopped most retail bulls from letting the possibility of a golden cross eclipse all else. The 50 day EMA is now incredibly close to the 200 day EMA and we could see the long anticipated golden cross result in a strong move to the upside that will unnerve most bears. It is going to be very interesting to see how BTC/USD trades around $5,800 because that is where most of the retail bears have their stops at.
Soon as those stops are hit, we could see the price spike up but considering that it is a strong resistance zone where a lot of sellers are lined up to sell; we could see the effect of a short squeeze be reduced by a massive sell-off. It will unnerve the…
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