Bitcoin (BTC) Price Prints Rare Golden Cross That Is Even More Bullish Compared to Previous One

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Tue, 02/18/2020 - 06:43
Alex Dovbnya
This top trader says that Bitcoin's recent golden cross is even more bullish than the one that took place in April 2019
Cover image via www.shutterstock.com
Contents

Even after Bitcoin's precipitous drop to the $9,400 level, the biggest cryptocurrency by market cap still managed to print a relatively rare golden cross on its daily chart. According to YouTube blogger The Moon (Carl Eric Martin), this is a sign of "shifting bullish momentum."  

image by @themooncarl

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A rare buy signal 

Golden crosses are formed when the 50-day MA of a certain asset moves above its 200-day MA. They show that the market is gaining bullish impetus.  

The last time this buy signal appeared on the daily chart was in April 2019. It was followed by a 175 percent price rally in Q2.  

According to MMCrypto, the bulls need to 'fasten seatbelts' since this golden crossover is even more bullish than the previous one. 

image by @mmcrypto

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Not out of the woods 

It is worth mentioning that golden crosses usually occur when the market is already in a full bull mode, which means that this is a lagging indicator. Hence, it's not reasonable to try to predict future prices moves solely based on this bullish crossover

Moreover, there is a need for strong buyer demand for the BTC price to remain above its 50-day MA. Otherwise, it could witness a painful correction.  

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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