After nearly 10 days of almost non-stop bullish price action, Bitcoin (BTC) finally slammed down on the brakes on Thursday. The cryptocurrency fell from its $5,450 high to a weekly low of $4,950 in a few hours’ time.
While this 10% move lower caught many traders with their pants down, leaving some star-struck, analysts have reminded investors to keep their heads on a swivel. Financial Survivalism, for instance, claims that it is “time to pay very close attention” to Bitcoin, as it is now “make or break time” for the bulls, and bears by extension.
The Looming, Impending Golden Cross
Survivalism, known for his subscription to the Hyperwave Theory, a form of analysis that states that Bitcoin could collapse in the short-term, but absolutely skyrocket in the long-term, wrote on Twitter that traders should have their eyes glued to $4,600. He explained that if BTC holds above $4,600 on the daily candle and achieves a golden cross (when the 50-day moving average moves above the 200-day),…
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