Bitcoin Forms a Golden Cross an “Extremely Bullish” Pattern

Must Read

NiceCash Lets Anyone Get Maximum Out of DeFi

in One Click NiceCash launches its nVaults -...

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at...

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.
- Advertisement Banner
Earn Free Bitcoin

The market has already started climbing up.

Bitcoin price is back above $10,000 level after crashing below $9,500 on Monday. The losses that started over the weekend and continued into this week are being turned into gains today.

The digital asset is trading at $10,030 while the volume on the top ten exchanges with real volume remains above a billion-dollar.

The slight pullback, the market saw is already over and the market has started climbing up back again. This uptrend coincides with the long term bullish technical pattern formed by Bitcoin today — golden cross.

“This is considered an extremely bullish chart formation because it indicates that the bottom may be in and the trend is turning from bearish to bullish,” said analyst Mati Greenspan.

The golden cross is a candlestick pattern which is a bullish signal that shows the potential for a major rally. This pattern is formed when the short-term moving average of an asset crosses above its long-term moving average.

Long-term indicators carry more weight and as such golden cross suggests a bull market on the horizon. This signal is further reinforced by high trading volumes and as we have been seeing in 2020 so far, trading volume has been staying strong above $1 billion.

More Gains Ahead

This technical pattern has three stages: the first stage involves the downtrend bottoming out as asset sell-off gets exhausted. In the second stage, in which we currently are, the short moving average moves above the large moving average and triggers a breakout confirming a trend reversal. The last stage sees continuing uptrend that could lead to higher prices.

Interestingly, the last time this crossover happened was last year on April 24th when BTC was at $5,400. From here, the price continued its ascent, going to a yearly high of $13,900 in late June, recording a surge of 157%.

Before this, the golden cross was formed on Oct. 28, 2015. At that time, the price of the digital asset was merely $300. In the next ten days, the bitcoin price climbed to $465 and then moving into next year it climbed above $760 in June 2016.

The good thing is we are back above the important psychological price level of $10,000. With reward halving coming in May 2020, it would be interesting to see when Bitcoin finally breaks into a new all-time high.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be held at the Dubai World Trade Centre,...

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker room is the first to...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and... Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...