A golden cross is a chart pattern that indicates a strong rally. It happens when the short-term moving average of a stock crosses over its long-term moving average. A death cross indicates a price movement in the opposite direction.
Since the market began the current bear phase in March, the cryptocurrency community has been divided on how it will go. But there are signs that the market is poised to resume a bull run.
After a rough start to the year, the August rally has led to a “Golden Cross” of the 50-DMA and 200-DMA. To validate the “bullish signal,” Bitcoin must maintain current levels and go higher. If it does, a return to $60,000 is probable.
@TheCryptoLark famous crypto Twitter user Lark Davis has posted a ‘golden cross’ expectation tomorrow for bitcoin.
The tweet says:
The same metric forecast that in January 2019, January 2020, March 2020, and December 2020 that Bitcoin will increase.
Charles Edwards, the founder of Capriole Investments, a licensed Bitcoin asset management company, invented hash ribbons. The Bitcoin hash ribbon measures the network’s hash rate. Amount of processing power entering the Bitcoin Network at any one moment.
Bitcoin Rally on the Cards?
A golden cross and hash ribbons both indicate a rising Bitcoin price. During Bitcoin price drops, miners earn less and sell their coins to raise cash. They also switch off machines to save money, which lowers the network’s total hash rate.
A golden cross like this typically precedes an increase in Bitcoin values, so traders may start placing money in anticipation of the climb. The crypto-crash retracted Bitcoin. Bitcoin recently surpassed $45,000 USD. On Saturday, Bitcoin (BTC) traded at about $45,000, and on Sunday, buyers tried to push it over $46,000.
The current Bitcoin price is $46,800.44 USD with a 24-hour trading volume of $38,413,281,546 USD as per CoinMarketCap. There is a possibility that bitcoin may rise following tomorrow’s golden cross confirmation, allowing investors to get back in.
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