RATE Group | Bitcoin Closing on Daily Golden Cross That Could Bring Boost to 2020 Price Rally
79421
post-template-default,single,single-post,postid-79421,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

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

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

Posted at 12:04h in Bitcoin News by

[ad_1]

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 high for 2020.

The convergence of the two key MA’s are an indication of strong buying pressure as BTC continues to post positive gains year to date. Bitcoin is up 43.5 percent since Jan. 1 and up 175 percent year on year from the Feb 14, 2019, close of $3,560.

However, the golden cross will need a sustained positive follow-through or the odds of a deeper pullback may rise.

Source link

Tags:
, , , , , , , , ,