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The 200-day simple moving average (SMA 200) and the 50-day simple moving average (SMA 50) curves on the BTC/USD daily chart have crossed over and created the golden cross pattern for the first time since 2015. In the process, the market enjoyed a bullish breakout after it has been trending in a channel for six days. This Tuesday, the price went up from $5,380 to $5,528, reaching a high of $5,630.

BTC/USD Daily Chart

  • The bulls will aim to garner enough momentum to take the price to $6,000.
  • The signal line has intersected with the MACD line, showing that market momentum has shifted from the bears to bulls.
  • The relative strength index (RSI) curve has crept into the overbought zone.
  • The last six sessions in the Elliot wave oscillator have been evenly split between the bulls and the bears indicating that the market has been consolidating.