Crypto Market will form Golden Cross as Bitcoin gains momentum above $ 9k
Earlier this month, NewsBTC reported that the market capitalization of all crypto assets, including Bitcoin, printed what is known as a death cross in the land of technical analysis. The title that sounds ominous is given when a short-term moving average of any asset, the 50-day MA, for example, crosses below a long-term moving average, such as the 200-day MA. It means that bears have control.
However, it seems that the recent increase is denying the possible long-term downtrend that this death cross may have in this market. In fact, a golden cross has begun to form quickly after the mentioned cross of death.
Crypto Market can resume the uptrend
As Brave New Coin crypto analyst Josh Olszewicz pointed out, the total capitalization of the cryptocurrency market, the value of Bitcoin and all other cryptocurrencies, is about to form a gold cross. In this case, the golden cross will see that the 50-day exponential moving average (EMA) is crossed above the 200-day exponential moving average.
This will indicate that the downtrend has probably ended at $ 7,300, and may imply that investors will continue to drive the crypto market upward in the coming months.
Bitcoin will form a powerful golden cross
This is not the only extremely positive gold cross currently being formed in the crypto markets. As this same medium previously reported, popular analyst Filb Filb pointed out that by the end of November or beginning of December, the 50-week and 100-week moving averages will see a “golden cross,” which he says is much more significant “for the Bitcoin market than other technical crosses.
As shown in the following Filb chart, the last time the 50 weeks went above 100 weeks, Bitcoin recovered for months in a row, rising to new highs month after month. Historical precedence would suggest that the same is about to happen again.
This is not the only signal that bulls buzz should have, if bulls buzz anyway. A Mitoshi Kaku analyst said the first one-month leading line of Ichimoku Cloud has crossed over the second one for Bitcoin, changing to green for the first time in months.
He wrote in response to the query about the indicator that this “could be the beginning of something beautiful,” referring to the idea that the Ichimoku Cloud currently predicts that BTC will soon enter a long-term bull market.
Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.