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Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally

From coindesk.com

Bitcoin may see a move higher in coming weeks, courtesy of two major daily moving averages heading for a collision dubbed a golden cross. The cross occurs when a short-term moving average (MA) crosses above a longer-term one, typically the 50-day and 200-day MAs, hinting at strong upward momentum in an assets price. The last time such an instance occurred was back in April 2019, when the price of BTC rose 175 percent to create a yearly high of around $13,880 after a temporary pullback to $4,995, Bitstamp data shows. Therefore, if history repeats, BTC could be in for a short-term drop before making its way to a new ... (full story)

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  • Category: Technical Analysis