RATE Group | Bitcoin to Form Golden Cross but It Cannot Guarantee a Bull Run
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Bitcoin to Form Golden Cross but It Cannot Guarantee a Bull Run

15 Feb Bitcoin to Form Golden Cross but It Cannot Guarantee a Bull Run

Posted at 07:23h in Bitcoin News by

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Bitcoin traders are enthusiastic about a textbook technical indicator whose formation could send the asset’s prices higher.

Dubbed as Golden Cross, the candlestick pattern will occur when bitcoin’s short-term moving average closes above its long-term moving average. On the cryptocurrency’s daily charts, the 50-period MA is inches away from jumping above the 200-period one, fueling traders’ buying sentiment atop bitcoin’s 42 percent price rally in 2020.

Mixed Signals

But history shows that Golden Crosses are not always accurate in predicting long-term upside moves. In the Gold market, for instance, there have been many instances wherein the bullish continuation indicator has delivered a complete opposite of an upside run.

Commodity data analysts at Sunshine Profits noted that since 2009, purchasing gold after a golden cross formation did not…

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