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Bitcoin (BTC) Golden Cross Detected. Time to Buy?

Tue, 02/18/2020 - 16:00
Vladislav Sopov
The 'Golden cross' is one of the simplest indicators in technical analysis. It is the situation where two moving average lines (50MA and 200MA) cross each other
Cover image via www.shutterstock.com
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Top-level seasoned trader, Crypto Bull, revealed in his account that one very rare indicator has been confirmed for the Bitcoin (BTC) price dynamics. It is called the 'Golden Cross'.

First 'Golden Cross' in many months

It was disclosed by Crypto Bull that the 50-day moving average line (50MA) has just crossed 200-day moving average (200MA). This situation, named the 'Golden Cross', rarely appears for Bitcoin (BTC).

Image via Twitter

The trader remembered that the last time it happened was in April, 2019 amidst the bullish rally of crypto king. Thus, this indicator is one of the most reliable long-term bullish market calls. For example, the Bitcoin (BTC) price surged from $5,050 to $8,300 in the three weeks following confirmation of the last 'golden cross' in April, 2019.

By the way, at printing time, Bitcoin (BTC) price is trying to break above the $9,650 line within its bearish correction.

One of the many

Crypto Twitter remembered that this isn't the only indicator of the upcoming long-term bullish reversal. Some traders supposed that it's in a unique 'crossover' during the correction phase. Other noted that there is less than three months left before the third Bitcoin (BTC) halving which is one of the most powerful Bitcoin (BTC) price catalysts.

Bitcoin Price To Face Three Challenges Before Halving in May

So, we should maybe get ready for the period when a buoyant narrative turns into a 'buy' sentiment for the markets.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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