Bitcoin Forms a Golden Cross an “Extremely Bullish” Pattern

Must Read

Bitcoin “Next in Line” to be the King as HNWI and Hedge Fund Investors get into BTC for the First Time

“The economic shock wave that’s coming is going to be like nothing that any of us has...

Bitcoin isn’t Gold but Gold 2.0, a Hedge against US Dollar & Inflation

Bitcoin custodian BitGo CEO, Mike Belshe says bitcoin falling along with the stock market is good.

Bitcoin Price & Mining Profitability Jumps Back Up while HODLers Showing 2015-Level Conviction

So, today everything is surging. From the stock markets, silver, gold, oil, to digital...
- Advertisement -BTCClicks.com 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

Stock Market is Trading Like “Sh*tcoin” as the World goes Full Crypto

The main indexes of Wall Street were down more than 3% today as the number of coronavirus...
- Advertisement -Earn Free Bitcoin

MyTvchain.com Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...

iOWN Token is now listed on LATOKEN and P2PB2B exchange platforms.

iOWN Token is now listed on LATOKEN and P2PB2B exchange platforms. Both platforms are the first of many high-volume exchanges to list...

Momentum Protocol announces Solution Provider Program

Momentum Protocol announced today that it is starting to roll out its Solution Provider Program. An initial set of partners have already...