View Bitcoin is looking north, with the hourly chart reporting a golden cross.
A widely tracked short-term bitcoin price indicator has turned bullish, strengthening the case for a test of key resistance above $8,800.
The cryptocurrency's 50-hour moving average has crossed above the 200-hour MA, confirming what is popularly known as "Golden cross" - a bullish indicator.
A golden cross is widely considered as a lagging indicator, especially when it appears on longer duration charts.
The crossovers on the hourly and other short duration charts follow prices more closely and are thus more reliable as trend indicators.
BTC drew bids and rose from $8,150 to $8,820, extending the recovery from $7,800 following the Oct. 9 golden cross on the hourly chart.
On similar lines, the latest bull cross may accelerate the ongoing recovery rally, pushing prices higher to $8,820 - a bearish lower high created on Oct. 11.
The chart is also showing a bull flag breakout - a continuation pattern which accelerates the preceding rally.
Bitcoin's repeated defense of $7,850 - the 38.2 percent Fibonacci retracement of the rally from December 2018 low to June 2019 high - indicates seller exhaustion.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin May Rise toward $8,800, Short-Term Cross Indicates
gepubliceerd op Oct 22, 2019
by Coindesk | gepubliceerd op Coinage
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