Having a great start with the ETF approvals, crypto market is supposed to have a blasting year as per the events lined up, mainly the Bitcoin Halving! It is supposed that after every four-year cycle, Bitcoin starts the bullish journey, previously it has been followed by Bitcoin and will see whether it follows the same pattern this time or not. But in the meantime, there is something amazing happening on the weekly Bitcoin chart, will check it out in this article. So, let's get started!!
What is Golden Cross Pattern?
Golden Cross is one of the most bullish patterns in the Technical Analysis. The simple structure of the Golden Cross is that the short-term moving average crossing up the long-term moving average. Generally, the short-term moving average is 50 on daily chart and the long-term moving average is 200 on daily chart, but larger the time-frame stronger the momentum.
Golden Cross pattern is being used in traditional financial markets as well, a daily 50 MA crossing a daily 200 MA on any traditional market chart, let's say S&P 500, is considered as the most bullish indication. Golden Cross pattern indicated that the particular asset, is transforming its trend from bearish to the bullishness, saying that the investors have changed their market perception and sure that the market is in growth.
For More Detailed information on Golden Cross Pattern checkout this article by Investopedia!
Golden Cross on Weekly Bitcoin Chart!
As we discussed above, larger the time-frame stronger the momentum. Now, think that the Golden Cross on daily chart is considered as the most bullish indication then what could be better than that? Of course, the Golden Cross pattern on Weekly Timeframe!
As we can see the above weekly Bitcoin chart, there was a Death Cross (opposite of Golden Cross) happened at the very beginning of the 2023, which lasted for an entire year. But the 50 MA has shown the bounce back from the VWAP (three sky-colored lines, & topic for another day!) is now approaching the long-term 200 MA line, and about to crossover. If this happens, then trust me we'll be experiencing one of the rarest patterns in the history of Bitcoin!
Conclusion
Approved Bitcoin spot ETFs which facilitate institutions and large players to pour their wealth into Bitcoin ecosystem, a rarest of the bullish indicator, the Golden Cross on the weekly timeframe, and historically bullish sentiment for the Bitcoin, the Bitcoin Halving! Don't tell me you did not sense the huge bullishness in the market!
Well, for sure things won't be that straightforward, but as per the current conditions, I think it is possible to see some pull back in the Bitcoin chart, and it is also important to consider that the Golden Cross is yet to be confirmed, so keep an eye out for crossover, I hope it'll cross in upcoming weeks!
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