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Home / Business / The weekly Bitcoin chart may display the Golden Cross for the first time in 3.5 years

The weekly Bitcoin chart may display the Golden Cross for the first time in 3.5 years



The short-term 50-bit Bitcoin moving average approximates the longer-term moving average of 100 periods on the weekly chart, indicating for the first time a possible bullish formation of the "golden cross" in 3.5 years.
  • In the short term, however, the weekly total has decreased from time to time as indecision continues to affect the market.
  • Price movements can be observed between the 100-day moving average and the 200-day moving average (MA)). The next big step in both directions is likely to determine the future bias if a deal is confirmed above or below these averages.

  • Bitcoin (BTC) seems to be on the right track to generate a bullish long-term signal that was not seen in 3.5 years

    The 50-period and 1

    00-period MAs are on the Weekly chart tightened after BTC had recovered from $ 7,293 to $ 10,350 on October 26.

    A Crossing of the 50-Period MA An increase over the slower 100-period MA, called the golden cross, generally indicates a sharp reversal in the trend and may serve as confirmation of a bullish bias for the long-term view.

    The last time the Bull Cross was crossed On the weekly chart, in May 2016, the BTC price rose from $ 438 to nearly $ 20,000 in December 2017 – an increase of 4,800 per cent. If the convergence of the MAs persists, the cross is likely to be in late December or early 2020, but it is still too early to call precisely.

    Weekly chart

    Such comparisons from previous years involve an inherent risk as market conditions have changed significantly. However, it is appropriate to seek additional confirmation of the long-term trend as BTC's halving of the miners' premium in May 2020 is likely to trigger a number of market activities as the event approaches supply reduction.

    Total weekly volume has shrunk Two weeks ago this indicated an indecision of the market at a fairly stagnant price, while the RSI barely showed an upward trend above 52.7 (neutral at 50).

    However, should the two lines converge and then cross at a bullish rate, this would be a strong trend indicating that the reverse rally in 2019 has legs. With a strong fundamental event for BTC around the corner, it is important to consider the bullish signals over longer periods of time.

    The daily chart is more likely to point to a market equilibrium as prices have mostly stuck in a range of 650 USD for almost two weeks.

    Daily Chart

    Price movement of BTC was recorded for 12 days between the 100-day and 200-day MAs.

    In general, the long-term trend observed when prices are above the 200-day MAs may be considered bullish. If the prices are below the 100-day MA, this is an indication of medium-term (30-60 days) declining ratios.

    The current scenario underlines the undecided market sentiment. A repeated failure to close above the 100-day MA may open short-term doors for $ 8,800, as previously mentioned.

    The indecision continues until a company closes above $ 9,573 (100-day MA) or below $ 9,180 (200-day MA) out of conviction, by which time the sideways movement is expected to continue.

    Disclosure: The author has no crypto currency assets at the time of writing. [19659006] bitcoin image via Shutterstock; Charts by TradingView


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