It's a Golden Cross ₿

By Lucasgaio | Cryptoscience | 13 Jan 2024


A few days after my last update on Bitcoin "Bitcoin, the Storm Before the Calm" a rather singular signal appeared on the Tradingview charts. This is a trading signal that has never occurred before on the BTC/USD chart and its timing seems almost perfect for the historical period we are in now. I'm talking about the Golden Cross, which is an extremely bullish chart pattern for Bitcoin. The Golden Cross is the result of the crossing between two simple or exponential moving averages where the faster one crosses the slower one from bottom to top. This can be observed if you consult the BTC/USD chart by setting the weekly candlestics, i.e. when seven days pass from the opening to the closing of a single candlestick. Historically, when such a crossing occurs on a chart, it is expected that the price of the asset has strong positive performances or in any case that the market trend is positive.

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Tradingview

 

As for Bitcoin, at a time where all attention is focused on the recent approval of the spot ETF by the SEC, some signs of optimism are lining up from investors. The Golden Cross, in particular, had already occurred in the past on the daily timeframe but never on the weekly one. Indeed, in February 2023 a Death Cross could be observed which indicated the exact opposite and, in fact, for about 6 months the price of Bitcoin remained in a lateral situation. The meaning of a Golden Cross can be read in various ways, what matters, however, is that the average price of the last 50 weeks (about a year) has been higher than that of the last 4 years. Furthermore, observing the MA200, it is clear that it is also growing although slower than its 50-period sister (MA50), and this indicates that the price of the asset has been growing clearly for a long time now. Furthermore, since the price is graphically above both averages, they act as dynamic support in the event of future retracements.

Now two lines of thought emerge: there are those who believe in a lateralization of Bitcoin in the coming months to consolidate the level reached and those who hope for an early bull-run in view of the halving in April.

Given that no one can predict how it will go, what is your impression of BTC in the medium term?

 

 

 

 

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-Thank you-

⚕️Luca

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Lucasgaio
Lucasgaio Verified Member

Having survived more bear-markets than I wanted to, I'm a pharmacist who likes crypto. Follow me on X: https://twitter.com/Lucasgaio_ Follow me on DeBank: https://debank.com/profile/0x1cd7b2c89cd42580bec1844087f62060edd80d75


Cryptoscience
Cryptoscience

A blog that speaks about science, a passion that has accompanied me since I was a child. My goal is to spread scientific culture all over the world, starting with cryptocurrencies.

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