At the moment, the BTC / USD pair is trading at $ 5,641, recovering from an intraday low of $ 5,485. Over the past 24 hours, the first digital coin has grown by 1.6%.
Meanwhile, a strong recovery on Tuesday improved the technical picture and market sentiment. According to Mati Greenspan, a well-known eToro market expert, the Golden Cross on the daily chart signals that the bull trend is gaining momentum. He tweeted:
Ladies and gentlemen … Golden Cross! The 50-day Bitcoin moving average (gold) crosses its 200-day moving average (blue). This is another sign that we are back on the market.
Bitcoin short term technical picture
At the intraday level, the picture is no less inspiring, as the coin continues to move in the upper channel with the next emphasis on $ 5,738 (the upper border of the channel).
Initial support is at $ 5,350, because this area of consolidation for a long time limited the upward momentum, now it has turned from tough resistance to strong support.
If this level is cleared, the sale can be extended to $ 5,280 (SMA50, 4 hours) and $ 5,220 (SMA100 4 hours). Critical support is created by the lower boundary of the specified channel at $ 5,140.
BTC / USD, 4-hour chart
