Bitcoin, the pioneer cryptocurrency, has formed its first golden cross since Oct. 27, 2015, marking a pivot point for the entire market.
Before going into details, it is necessary to explain the three primary indicators in this analysis: the moving average, golden cross, and death cross.
A golden cross occurs when a short-term moving average crosses above a long-term moving average signaling a potential bullish breakout.
In Feb. 8, 2012, bitcoin formed its first golden cross on the daily chart when the 50-day moving average went above the 200-day moving average.
The second time a golden cross formed on the daily BTC chart was in Jul.
13, 2015, when a golden cross developed, but it was also invalidated by a 27 percent fall that created a death cross in Sep.
In Oct. 27, 2015, when another golden cross pattern originated which marked the very beginning of the crypto frenzy.
Today, the largest cryptocurrency by market cap has formed another golden cross for the first time in four years.
The golden cross pattern is definitely one of the strongest indicators to foresee a bull market on the horizon, but it isn't perfect.
Before calling an end to the crypto winter it is important to take other analysis and metrics into consideration that could invalidate the golden cross seen on the daily charts.
Bitcoin Golden Cross forms-beginning of the bull market?
gepubliceerd op Apr 24, 2019
by Cryptoslate | gepubliceerd op Coinage
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