Bitcoin Golden Cross “Is Official” According To Capital Manager
16 September 2021 - 5:00AM
NEWSBTC
The Bitcoin golden cross, a signal that has traditionally been a
bullish indicator, is now official, according to a capital manager.
The Famous Bitcoin Golden Cross Now “Official” According to a
capital manager on Twitter, the Bitcoin golden cross is now
official. This is only the eighth time in the history of the coin
that such a cross has occurred. The “golden cross” has been the
topic of discussion all over the online crypto communities today,
but what is it that makes it so special? Well basically, a golden
cross is marked by a short-term moving average (MA) taking over a
long-term one. Usually, analysts consider such an event to be a
bullish turn for the market. The bullish crossover that Bitcoin is
witnessing right now is one where the 50-day MA is moving over the
200-day MA. Here is a chart posted by the capital manager that
highlights this golden cross for the BTCUSD trading pair: The
50-day MA seems to have crossed over the 200-day MA | Source: Tweet
by Dr. Jeff Ross As the above chart shows, the golden crossover
looks to be complete as the 50-day MA makes a move above the
200-day MA. The capital manager believes we will see “Strong
short-term price action. Recent bearish patterns breaking down.”
Related Reading | New To Bitcoin? Learn To Trade Crypto With
The NewsBTC Trading Course What Does The Crossover Mean For BTC’s
Price? Conventionally, the golden cross has been considered a
bullish signal for Bitcoin. However, there have certain exceptions
throughout its history. While golden crosses have indeed been there
before the start of previous bull runs, there have also been many
cases where the crossover was just a fake out event. Opposite to
the golden cross is the “death cross,” which occurs after
every bull market and marks a bearish turn for Bitcoin. During fake
out events, alternative false golden and death crosses usually
form. Related Reading | One Way To Protect Your Profit No
Matter Bitcoin Pumps or Dumps After BTC hit the latest ATH of $65k,
a death cross formed, but the crypto didn’t see any significant
downtrend following it. Bitcoin has formed its eighth golden cross
ever | Source: BTCUSD on TradingView Based on the death cross being
a false signal, it’s possible this golden cross will just turn out
to be another one of those fake out occurrences where a false cross
leads into another. However, it could also very well shoot the coin
up instead, helping the coin reach the last peak that some
indicators have been hinting at. Where do you think this golden
cross will lead Bitcoin to? Let us know in the below poll! Will the
Bitcoin golden cross ultimately be… — NEWSBTC (@newsbtc) September
15, 2021 Featured image from Unsplash.com, charts from
TradingView.com
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