Bitcoin Ascending Triangle Breakout Golden Cross Potential Rally

Our Bitcoin analysis on the 02.04 we highlighted that the market broke-out of it's ascending triangle pattern towards the next resistance level at around $5200. We can now see that prices have consolidated around $5200 which is now acting as a support level and the market has accomplished a golden cross with the 50 day MA crossing the 200 day MA. The golden cross indicates potential for a major rally but can also be a false signal so we maintain our bullish stance as long as the key Fibonacci support level of $5244 holds, if this level breaks we will re-evaluate.