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.
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
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.
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.
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.  bitcoin image via Shutterstock; Charts by TradingView